Verifone produces and designs merchant operated, customer facing Point-of-Sale (POS) terminals as well as payment and commerce solutions that run operating systems, security, encryption software and certified payment software.
In 1981, Verifone launched its first product, the Veri-Fone (Verification Telephone) that performed check verification and credit authorization. It was one of the first devices designed to replace voice authorization with electronic for credit card transactions. By 1989, they sold 1 million systems.
Although less than a decade ago, Customer Relationship Management (CRM) was still a largely manual process, it has transformed into a universal, automation technology. As it became more of a commonality among a broad range of institutions, several features were incorporated into the standard build. Now, all CRMs leverage the same foundation, incorporating automation, client data collection and analytics, and marketing to ease customer relations and facilitate brand development. We now differentiate competing platforms from one another by analyzing the features that go beyond the standard functionality, applying them to different climates to understand which industries they offer the greatest advantage to.
Our partner, Ingenico is leveraging new opportunities within the food industry by extending its products to fast food counters. Nowadays, customers want to pay the way they want whether it is through mobile, chip, or magnetic stripe. In order to simplify payment pathways to EMV card use and reduce PCI compliance choices, fast-food restaurant chains are migrating toward Ingenico Group solutions.
A payment gateway should allow you to accept payments quickly and easily. The key component of any payment gateway is to process transactions securely and keep your customer's money and data secure. A secured payment gateway helps you gain the trust of your customers so they are willing to make transactions. A custom payment gateway may require a greater initial investment in terms of time and money, but this custom solution will dramatically help in growing your business.
In this age of global commerce merchant services and payments providers must remain highly reactive to its ever-evolving tendencies, translating trends into progressive payment processing solutions and abandoning traditional POS architecture.
EMV, also known as chip and pin technology, has gained a huge presence in the US in the last few years with thousands of merchants adopting EMV-compliant point-of-sale (POS) terminals and additional software for their businesses. Yet, many establishments remain on the back wagon of the great EMV migration.
As the payments industry transitions into the EMV landscape to safeguard against credit card fraud, Card Not Present (CNP) transactions remain a popular channel for criminals to continue their delinquent actions. According to a new report by Juniper Research, a U.K.-based consultancy, merchants will potentially lose around $15 billion per year by the year 2022 to fraud. In the face of rising fraud, investing in fraud detection and prevention solutions can provide a significant return on investment and security.
All CRMs (Customer Relationship Management) have the same fundamental functions: automation, client data collection and analytics, and marketing. The functions that set them apart are those that cater to their unique purpose and industry. Mortgage CRMs are no different, with the software designed to help mortgage brokers run their front-end operations. The CRM enables lenders to keep detailed client data and maintain timely client follow up, as well as keeping proper contact and loan pipeline management to stay in control of their business.
A workflow is a series of steps that get work done in such a way that it automates business processes. Workflow engines allow for the configuration of the necessary flows, business rules, forms and reporting dashboards. A key component in workflow technology, it makes use of a database server, managing and monitoring the condition of activities, such as processing and approval of loan application forms, and determining which new activity to change to according to defined processes. The actions may range from saving application forms in a document management system to sending e-mail reminders to users and routing overdue items to management. Furthermore, mortgage workforce automation engines allow for the regulation and streamlining of the mortgage origination process.
Chip and PIN or Chip and Signature cards, depending on the authentication techniques used, are quickly phasing out conventional magnetic stripe credit and debit cards in order to comply with new Europay, MasterCard, and Visa (EMV) standards. Nearly a year and a half after the deadline, many businesses still are not properly equipped to accept EMV cards and they will be held accountable for any fraudulent transactions that happen in their stores as a cause of this.
EMV is already a standard in all major markets outside of the U.S. EMV payment cards contain a microprocessor chip that creates a unique, single-use code for every transaction and requires a Personal Identification Number (PIN) for validation. Traditionally, credit and debit cards that only had a magnetic stripe that stored unchanging information, making it easy for that data to be copied and used fraudulently.
By the end of 2014, RealtyTrac.com reported that 1.1 million properties in the United States had undergone foreclosure proceedings. That number, which is rather unsettling, represents the lowest figure that the market has seen since the housing market bubble burst in 2006. With millions of properties needing to be serviced, mortgage and real-estate professionals have been inundated with an abundance of labor intensive tasks. Hence, the necessity to be more resourceful and efficient has become paramount in order to maintain success. This presents a lucrative opportunity for software proprietors to capitalize on by offering field service management applications.
In the wake of the New Year, lenders are gearing up to adopt the latest protocols the Consumer Financial Protection Bureau (CFPB) enacted with the Truth in Lending Act / Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure rule. Dubbed "know before you owe", the revised document formats and accompanying regulations for closed-end credit transactions on real estate property will take effect Aug. 1st, 2015. The new policies put forth by the CFPB, in its fundamental state, consolidates the currently existing Good Faith Estimate (GFE) and Truth-in-Lending (TIL) disclosures into the "loan estimate" documents. The new loan estimate form must be prepared and sent to consumers no later than three business days after a lender receives the application information. Additionally, it unifies the HUD-1 and final TIL into the "closing disclosure" documents, which must be provided to the consumer three days prior to loan consummation. It is hypothesized that this will alleviate the overwhelming paper bundles borrowers receive when shopping for mortgages, and simplify mortgage disclosure documents to make it easier for the average consumer to examine, understand, and compare critical information such as costs of closing, payment schedules, and interest rates.
With advances in technology shaping the way society conducts business, it comes as no surprise that the traditional way of making standard purchases has evolved throughout the years. Innovative technology in payment platforms has given way to the emerging trend of mobile payments. Mobile payment technology allows consumers to use their smartphones to complete payment transactions. This is made possible by the use of near-field communications (NFC) and/or quick response (QR) codes.
To make payments using NFC hardware, at the point of sale (POS), users touch their phone to a NFC device, and the phone sends secured payment information to the vendor to complete the sale. This hardware based technology requires both the consumer and the merchant to have NFC enabled devices. For those that do not have devices embedded with NFC hardware, quick response codes can be used to make payments. QR code applications can be downloaded natively to a user's smart device. At the POS, a barcode matrix made up of black and white squares is generated by the merchant. The user then opens the QR application and uses the camera to capture the code. Once captured, the user confirms the amount and the payment is completed. Vice versa, the user can generate a QR code using an e-wallet application, and it can be scanned by the merchant to execute a payment.
Payment Gateway is an application service provider that authorizes payments for businesses, online retailers or traditional brick and mortar. In simple terms, a payment gateway can be thought of as an interface between merchants and payment processors. The payment gateway accepts payment request from merchants and forwards this to the payment processor for further processing.