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Fiserv Inc., a provider of financial services technology solutions, today unveiled SpotPay, a mobile card reader solution. SpotPay was developed for financial institutions to offer to their small business customers, enabling them to accept card and check payments anywhere, anytime.
Using SpotPay, merchants will be able to swipe credit and debit cards with their mobile device to accept payments. And, as a key differentiator from other devices, SpotPay also gives merchants the ability to deposit checks using mobile remote deposit capture from Fiserv. This allows users to securely take a picture of the front and back of a check and deposit the item electronically.
SpotPay from Fiserv is available to financial institutions in the ACCEL/Exchange payments network. Those financial institutions will be able to offer the solution to their small business and merchant customers as a secure, convenient and low-cost solution for credit and debit card payments as well as remote check deposit.
For financial institutions that belong to the ACCEL/Exchange payments network, adding SpotPay is simple, as there is no technical or operational integration required. Financial institution branding is also available as part of the offering to promote financial institution brand loyalty.
According to a March 2012 survey conducted on behalf of Fiserv by Phoenix Marketing International, 30 percent of surveyed small businesses with less than $1 million in annual sales indicated they would like to use their smartphone or tablet to receive and process debit or credit card payments from their customers.
"SpotPay from Fiserv should help financial institutions retain and strengthen their small business relationships. Its competitive pricing and innovative features could be strong differentiators in the crowded mobile merchant payment solutions market," said Beth Robertson, director of payments research at Javelin Strategy and Research.
SpotPay's card reader, provided by MagTek, has a rugged design and a long swipe path to reliably read track one, two and three card data. The solution has strong fraud prevention tools and multilayered security that surpasses the Payment Card Industry Data Security Standard. Secure card readers work with iOS and Android mobile devices; transactions are securely processed through WorldPay.
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