Ever since the introduction of e-money, merchants, buyers and the credit card industry have faced several challenges. The transition from paper money to credit card transactions has not been easy.
The greatest challenge faced in this regard is payment authorization. As you might be aware, your credit card is susceptible to fraudulent use. It is easy for hackers and other malware to obtain your credit card details, every time you use it to purchase goods. It is also detrimental to your business, since your IT system and customer data is unsafe.
Continue reading What is the “BuySecure” Initiative? How will it Affect Me?
Imagine yourself making a payment at a retail store, with several others queued up behind you. As soon as your card is swiped, the store’s Point of Sale (POS) system asks for additional verification details to authorize your payment. This could be a unique PIN number or any other security question, and you can’t remember the answer. What would you do now?
Continue reading What is Apple Pay? How will it Benefit Me?
A Point of Sale (POS) is the point where a normal, retail transaction occurs and is recorded. This is the point where a customer makes a payment to a merchant in exchange for goods.
With the advent of Cloud Computing, POS was infused with software. This software could then be accessed through the internet.
In 2013, Clover Network Inc. (along with its parent company First Data Corporation) launched its state-of-the-art tablet-based POS System. Clover POS, has since its inception, emerged as an innovative design in the world of online transaction processing systems.
Continue reading Clover vs. Other Cloud Based POS
With any POS system, your credit/debit card data is susceptible to theft and fraudulent use.
This is primarily because your card information passes through an entire process chain, once you pay your merchant for the goods and your card is swiped at a POS system. This processing chain includes consumers, merchants, payment processing units, card brands, and the issuing bank.
Continue reading PCI Compliance through Tokenization with Clover POS
A year after designing the Clover POS System, Clover Network Inc. and its parent company First Data Corporation worked closely with Apple Inc. to prepare for the launch of Apple Pay in October 2014.
Conceptually similar to PayPal and Google Wallet, Apple Pay allows certain Apple mobile device users to make payments at retail stores and checkout online. This procedure incorporates the use of mobile money – an alternative form of financially regulated payment that allows users to pay for goods via mobile phones.
Continue reading Clover POS and Apple Pay – Advantages