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Posts tagged with “finance”

“Digital Wallets” change how payments are made and consumer information is protected

Friday, 24 February, 2012

EVOCANADA_evo_canada_merchant_service_accountAs major credit card companies Visa and MasterCard continue to develop and deploy mobile payment applications for smartphones equipped with NFC technology, payment processing between merchants and consumers will continue to evolve.

Many traditional brick and mortar retailers may not necessarily see the need to update their current POS terminals to accept mobile payments, as this emerging technology seems more suited to e-commerce. That said, the idea behind the “digital wallet” as a payment method may dramatically shift how sensitive client information is handled during a transaction.

Consumers are increasingly concerned with identity theft and likewise merchants worry about being sued for information leaks in their POS systems. Mobile payment applications change this very dynamic by giving the ability to consumers to keep all important payment information contained in their “digital wallet,” linking only to their respective banking institutions and cloud data management service, the two safest places to store this information.

Digital wallets will effectively turn the mobile payment enabled smartphone into a Personal Point of Sale (PPoS) device, which includes all the current features and capabilities of a standard retail POS terminal but with added levels of information security and less transfer of info between payment terminals.

Initially set-up for online shopping cart transactions, these new mobile payment applications will no longer require consumers to give out sensitive payment information during the checkout process, rather a transaction number will be pasted into the PPoS. This new PPoS system gives consumers the added ability to keep control over sensitive payment information and merchants no longer need to handle sensitive information and keep it secure.

Online merchants will also benefit from the added element of the mobile payment transaction being considered a “card-present” sale, reducing discount rates, limiting charge-back incidents and decreasing opportunities for fraudulent payment activity.

Jumio simplifies payment and secures heavyweight financing

Tuesday, 21 February, 2012

Start-up company Jumio, specializing in mobile and online payments, has secured $25.5 million USD in a recent funding round. Investment firms have yet to be disclosed but this is a huge statement for the upstart company who in March 2011, secured $6.5 million USD in Series-A financing led by Facebook co-founder Eduardo Savarin.

As current CEO and founder Daniel Mattes’ second successful start-up, Jumio aims to simplify online and mobile payments. Daniel is no stranger to the world of venture capital finance as he was behind the VoIP success Jajah, selling in 2009 for $207 million USD to Telefonica in an all cash deal.

Jumio’s lead product is Netswipe, with many options from basic processing to a mobile application and even a wordpress blog payment plug-in. For more information on Jumio, please visit www.jumio.com.

By Evo Canada Merchant Services 

POS: rising security concerns come with evolving technology

Friday, 3 February, 2012

Payment technology is rapidly evolving. As we enter the age of device based forms of payment, such as the mobile wallet, many have raised flags and question the security of information as payment technology continues to advance.

Older POS systems, both hardware and software, still have the ability to adapt and upgrade to new forms of transactions, however the security of data and these revised systems have come into question. The divide sits between a hardware-based system, such as a chip embedded card, versus software-based systems largely on the web, such as PayPal’s new digital wallet and online payment system. Hardware-based systems, chip cards, and mobile wallets on smart devices provide a higher level of data encryption and keep the user’s personal information solely on the card or device. Software systems are a more complicated to encrypt, and are left exposed to the dangers of malicious Internet manipulation.
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It’s still worth remembering that both forms of payment processing are highly secure. The debate lies more in the question of the set-up of a system’s given security measures. All web-based payment programs store personal information in the “cloud”, or a cluster of servers located in a remote warehouse. The issue then becomes about choosing targets: millions and millions of individual cards and devices, or the mass grouping of data housed in one location?

It will be interesting to see how the issue of security will be addressed in the future and whether or not both merchants and individuals will opt for the personal device or card-based options.

Get paid to shop – App Delivers Foot Traffic to Retailers on a Silver Platter

Tuesday, 31 January, 2012

As Web technology continues to improve and offer better online shopping experiences, many people are taking this route to do their shopping and pulling business away from traditional brick and mortar retailers.

In an effort to utilize these same technological advancements, Shopkick, a California based company, is giving retailers a chance to regain those customers by creating a simple rewards program to get people into physical stores. The idea is to reward customers for entering a store, whereby a participating retailer gives points or “kicks” just for walking through the door. Going a step further, through the use of a smartphone, that same physical store becomes interactive with surprise discounts and offers sent while the user is shopping adding a whole new dynamic to the physical retail experience.

The points or “kicks” can be used and redeemed against a number of various products and services such as iTunes gift cards, restaurant vouchers, Facebook credits, appliances and even used to book vacations. Shopkick allows customers to shop freely, earn rewards, access exclusive offers and redeem points for exciting products and services.

Major retailers such as American Eagle, Best Buy, Toys R Us, Target and Macy’s are currently set-up and using the service; recently Shopkick partnered with Visa to offer their rewards program for purchases made with credit or debit card.

Local businesses are on Shopkick’s mind as well, which is why they are launching a new program to select 1000 small businesses to partake in the next phase of the apps development. Sign-up today at www.shopkick.com and perhaps you too can be on your way to driving more store traffic!

Got creative? Get funding!

Thursday, 29 December, 2011

Merchant service account evo canada payment processing For most creative people, professional or amateur, it’s not about the money, but all about the process. That said, we are all part of a bigger wheel and unfortunately have no choice but to contribute financially to society…in other words: get a job, get paid and pay bills.

An often-daunting task for most creative people is securing financing for their idea or project. Kickstarter.com is here to help and hosts a revolutionary approach to funding projects. Not to be mistaken with a venture capital firm, business bank or investment fund, Kickstarter is an online community built around the encouragement and cultivation of new ideas and exciting projects. The online platform allows for everyday people to contribute financially or “pledge” to projects of their choosing and see them come to life. Projects vary in size and scope with a focus on the constructive spheres of music, film, art, technology, design, food and publishing.

Not being about lending money or investing, creators keep 100% ownership and in turn offer special promotions, gifts, rewards or experiences to “pledgers” depending on amount pledged and project type. Ranging from 3D printers to recording artists, product developers and theatre groups, a donor can pledge almost any amount to any project with a specific reward given back as a result.

Taking an “all or nothing” approach, each project must reach its funding goal in order for money to exchange hands. In other words, “sponsors” will not get charged until the project is successfully funded. By doing this, Kickstarter provides protection to its participants and creators.

New ideas are introduced through a project highlight page where creators post videos, documents, images and anything pertinent to explain the idea and encourage potential donors to pledge money. There are limits though and not every idea or project is accepted on the Kickstarter platform.

Gone are the days of hefty interest rates on a business loan or giving up your heart and soul to an investor who wants more equity, Kickstarter allows the idea and creators to take centre stage, changes the game for raising funds and helps keep creativity at the heart of a growing online community.

EVO Canada Cares – where innovation and community come together

Wednesday, 16 February, 2011

We all dream of philanthropic pursuits, but often lack of time and resources get in the way of giving back to the community. Current challenging economic times have also put pressure on financial resources available to fund local projects, community outreach programs and special causes. At EVO Canada, we understand these limitations and like you, always look for ways to do more, which is why we launched the EVO Cares program.

Since it’s inception we have seamlessly helped our customers give back to their communities in a low cost, hassle free, streamlined way. Through a simple referral program, EVO Canada will donate a minimum of $500 to your charity.
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Over the last year we have been fortunate enough to donate to organizations of all shapes and sizes, from the Canadian Red Cross to the MS Society of Canada and even less known community based organizations such as the L’Association Pour un Maroc Meilleur and Troupe Crème Brulee musical comedy. No charity or cause is too big or small as EVO Canada strives to proactively give back to our communities each year.

Contact EVO Canada Cares’ Josh Sorensen at 1-877-355-2082, extension 2964, and find out how your business can take a few small steps to make a difference in your community today!

EVO Canada Merchant Funding Program

Sunday, 13 February, 2011

By partnering with EVO Canada not only are your payment processing needs taken care of but your future growth potential as well. Many businesses struggle to find the necessary funding needed to grow as lenders usually have a long and extensive list of loan approval requirements.

EVO Canada is here to help its merchants and has a unique program that will allow your business to get up to $200,000 in additional funding. How? Easy, by leveraging an asset most don’t realize they have – their future credit and debit card processing funds.
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The requirements are quite simple: processing a minimum of $6,500 per month in debit or credit card payments at your business for at least 60 days. On top of it all, our approval rate is currently much higher than those of traditional funding sources.

If your business is in need of working capital to expand, renovate, purchase additional inventory, open a new location or just pay bills and don’t have access to the financial resources needed, inquire about our Cash Advance Program today!