There is a tremendous amount of fraud and theft in the payment industry, hence security is the biggest focus for business.
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An insidious threat is putting many retail and hospitality POS systems at risk. This fatal flaw in the installation of these systems takes many of them down each day across the country, creating serious problems for countless stores and restaurants.
The payment industry is an ever changing one, from once just paying with the simplicity of cash or check to now having your cellphone replace the credit cards in your pocket, mobile payments are no longer a trend but now a staple amongst consumers.
“Banks Heap Suits on Target Over Breach” read a recent headline in the Wall Street Journal story. By the time the story broke, seven financial institutions had filed class action suits against Target, alleging it did not sufficiently protect its customer’s data.
News flash! Americans are impatient! We don’t want to wait 30 seconds for our computers to boot up, or take five minutes to get out of our cars to get our Big Macs. We want everything fast, and that includes checking out at our favorite retail establishments.
With increasing competition from online stores and the opportunity to participate in the projected $1 trillion online ecommerce market, it is vital for owners of traditional brick-and-mortar stores to expand their digital reach. Small businesses that ignore this trend will quickly lose market share to bigger competitors.
If you’re not totally clear on EMV, you’re not alone. Developed over twenty years ago, EMV is the standard overseas. However, many U.S. small business owners aren’t familiar with the technology, and even fewer know that a deadline is set for migrating to an EMV based system.
Indie retailers want to accept as many forms of payment as possible to better serve their customers, as well as to achieve maximum sales. Shoppers often prefer to pay with a credit card because they earn prized rewards points.
The Experian/Moody Analytics Small Business Credit Index rose 1.2 points to 117 in Q4 2013, the fourth consecutive quarter of improvement in small-business credit conditions and the highest index reading since data tracking began in 2011. Findings indicate that small businesses are now reaping some of the benefits of the nearly five-year-old U.S. recovery, according to Experian.
Retail payment solutions can and should be optimized to the needs of each individual business. Todd Robinson, VP of Marketing for North American Bancard, a full service payment solutions provider, recently spoke with Independent Retailer magazine about the range of small business payment products such as credit, debit, EBT, and gift and loyalty cards, available to help indie retailers support and grow their businesses.