As of February 2016, 37% of businesses were currently able to accept chip enabled cards; this percentage falls short of the 44% that was estimated to be accepting by February 2016 (Jones, 2016). As of March 31st, the total number of … Continue reading
We regularly get questions at Wimsett & Company on how Apple Pay, Samsung Pay, Android Pay and various forms of mobile payment acceptance affect the payments industry. The answer is that these forms of payment are making it easier and … Continue reading
The combination will provide payments security, managed firewall and network solutions to more than 21,000 merchant locations across North America. LEXINGTON, KY (January 4, 2016) – EchoSat, Inc., a leading provider of payments security, managed firewall and network … Continue reading
Apple Pay, Android Pay, mobile wallets, EMV/chip cards, Square, —the way we pay and the way payments are accepted at businesses continues to change and evolve. Particularly, 2015 was a big year for EMV technology and 2016 is projected to … Continue reading
According to Digital Transactions, as of late August 2015 (the last time data was available) only 301,000 of the 8 million card-accepting merchant locations were activated to accept chip card payments. This number is low considering that on October 1st, … Continue reading
In our previous blog about EMV, we discussed the basics of how EMV technology and security will work; however, since our previous blog was published new information has been provided about how EMV will work specifically in relation to tipping … Continue reading
Samsung announced they were coming out with Samsung Pay on March 1st 2015 (Samsung, 2015), just two months before Google announced they were coming out with Android Pay in May 2015. This announcement came quickly after Samsung’s acquisition of LoopPay … Continue reading
On May 28th, 2015 Google announced that it will be coming out with an Android Pay app by the third quarter of this year. While Android has had Near Field Communication (NFC) and card emulation for years, they were unable to gain support from key players in the industry such as; issuers, networks, and merchants. Continue reading
Currently, EMV (Europay, Mastercard, and Visa) chip cards are the “hot topic” in the payments industry. There is a plethora of information about EMV on the internet which can be overwhelming. Through this blog we hope to answer business owner’s … Continue reading
1. Consider your needs Do you want to take in-store, online, and/or mobile payments? What capabilities and features do you need in a POS system? How many terminals or POS systems do you need? How much do you estimate you … Continue reading
Square, which was launched by Jack Dorsey (co-founder of twitter) and Jim McKelvey in April 2010, has reportedly sold over one million readers in the market and processes about $30 billion annually (Stewart, 2014). Why has square been so successful … Continue reading
With the holidays upon us, many business owners find themselves overwhelmed with an influx in business, putting tremendous focus on providing an excellent service or product to their customers. In addition, business owners are individuals who work hard for their … Continue reading
EMV (Europay/MasterCard/Visa) Migration Status On August 9, 2011, Visa announced plans to accelerate the migration to contact chip and contactless EMV chip technology in the U.S. They believed the adoption of dual-interface chip technology would provide stronger authentication and transaction … Continue reading
The news continues to be filled with information and excitement surrounding Apple Pay. Apple Pay is transforming the industry, not necessarily because of new technology, but because Apple Pay has the brand clout and equity to drive demand. While consumers … Continue reading
The new Apple Pay system was introduced on September 9th of this year. This technology allows customers to pay with their iPhone 6 and Apple Watch (scheduled for release in early 2015) through NFC (Near Field Communication) technology within the … Continue reading
Each April and October the card brands make updates to the interchange fees paid by all merchants. These fees are actually billed to the merchants acquirer/processor who then marks up these rates and adds their own fees before passing it … Continue reading
By: Tom Wimsett The Durbin Amendment: Two years after Implementation…..THE WINNERS AND LOSERS July 29, 2013 marks the second anniversary of the Federal Reserve’s ruling affecting the “interchange fee” essentially paid for by merchants whenever a merchant accepts a debit card as payment … Continue reading