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Cashing in on Mobile Payments

June 2015

Tags: EMV Mobile Payment mPOS

Have you ever considered how beneficial mobile payments can be to an organization? If you haven’t, then this is your wakeup call. It’s not a secret that consumers prefer choice. In fact, it’s something they’ve come to expect.

From line busting to transportation services to delivery and logistics, the trend toward accepting mobile payments is growing exponentially. According to research conducted by Gartner, Inc., worldwide mobile payment transaction values reached $235 billion in 2013, which was a 44% increase from 2012. By 2017, they forecast that mobile transactions will be worth $721 billion worldwide with more than 450 million users.

As noted in the article From POS to mPOS: An Inevitable Transition by Dr. Michael L. Kasavana, organizations need to be mindful of the looming impact of industry POS (point of sale) hardware and software if they are going to keep up with shifting consumer expectations. Now, instead of being shackled to a stationary cash register, savvy managers are discovering the freedom of collecting payments and fines via ecommerce websites and innovative handheld devices like the N5EMV.

Instead of waiting in line at a reception desk, hospitality managers now offer curbside check-ins and payment. Some restaurants take orders on handheld devices that result in speedier service and increased accuracy over handwritten receipts. Yet the potential of the Ultra-Rugged N5EMV extends far beyond these applications.

The N5EMV provides customers the ability to use their debit and credit cards that have an embedded security chip, also known as chip-and-PIN cards, to make purchases. Once a customer’s smartcard is inserted into the side slot of the N5EMV, they enter their pin on the touch screen and the chip in the card then authorizes the transaction. This method is quick, easy and there is no need for the customer’s signature. Chip-and-PIN cards comply with EMV (Europay MasterCard Visa) standards that are based on ISO/IEC 7816 for contact cards and ISO/IEC 14443 for contactless cards. EMV chip card transactions improve security against fraud compared to magnetic stripe card transactions that rely on a customer’s signature.

For example, an inspector can now capture photographic proof and accept payment on the same lightweight device. An exterminator can complete a credit card transaction on the exact device that also maintains their chemical database and schedules daily appointments. With the ability to scan a barcode as easily as it scans a credit card, the ultra-rugged N5EMV is the ideal inventory management device for dusty livestock ranches, icy meat lockers, and busy distribution warehouses.

The N5EMV from Two Technologies truly is one-stop shopping and stands as the single best mobile payment solution on the market today.

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