Today’s competitive landscape demands new innovations to ensure long-term customer loyalty and satisfaction. While your current payment technology may be sufficient in completing customer transactions quickly and effectively, it may not offer the latest
convenience technology that has become popular in our high-tech society.

In recent years, mobile technology has become an increasingly popular trend in the payment world. Mobile solutions offer businesses the ability to minimize lines while quickening transactions. Line busting—completing a sales transaction with a mobile solution so customers don’t need to stand in line— has become commonplace in popular retail stores to improve a customer’s in-store purchasing experience.

It’s important for businesses to be aware of their customers’ payment preferences and patterns, so they can tailor their solutions to customer needs.

Here are four things merchants should know about mobile card readers:

How Mobile Card Readers Work

In plain language, mobile card readers turn smart devices into payment devices. This allows businesses to accept payments anytime, anywhere. Businesses are finding a plethora of benefits from incorporating mobile card readers into their operations; however, the most significant perks include increased sales, improved customer engagement, and better flexibility for customers. This allows retail businesses to provide a more seamless user experience for their customers.

Helps Grow Your Customer Base

By offering multiple payment options for your customers to choose from, you’re letting them know that you care about their preferences. It’s not about you, it’s about them. Accepting all payment methods signals to your customer base that you sincerely care about their business and are willing to invest in the technology to offer better convenience and flexibility. By accepting more payment types, you’re opening the door to a larger customer base which in return, allows you to increase revenue.

 Speeds Up Checkout Process

If you’re looking to create efficiencies within your business, incorporating a mobile card reader into your operations may be a good place to start. According to an article by Reflexis, incorporating mobile solutions allows merchants to keep pace with their mobile-enabled customers who are continuously purchasing new technologies of their own. Adopting mobile card readers allows customers to avoid long lines by purchasing their items at any location in the store. This will also boost employee productivity by giving them the flexibility and agility to meet customer needs with fewer delays.

Increases Safety of Payments

Many people have the misconception that mobile readers cannot protect cardholder data as safely as a full POS system can. However, mobile solutions that accept payments on mobile devices are completely secure as well. While many are not physically connected to countertop POS systems, they still use the same encryption methods that other POS systems do. Cards that are processed through mobile solutions can only be decrypted by banks acquiring payment and are safe in merchant environments. Therefore, thieves will have difficulty hacking credit card information. Mobile payments also decrease the amount of time retail employees spend fumbling with cash. Instead, they can use that time to focus on providing customers with excellent service.

The ID TECH Solution

In recent years, more and more merchants have been using mobile solutions to bridge the gap between online and in-person purchasing experiences. The current purchasing experience has evolved and now requires companies to create seamless, personalized experiences where buying merchandise is directly tailored to each customer. Adding mobile solutions allows team members to directly engage customers while providing quick payment transactions. ID TECH provides the point-of-sale hardware that’s equipped with NFC technology to accept all popular payments and mobile wallet apps. Please see our entire line of secure and powerful mobile card readers by visiting our website.

About ID TECH

ID TECH has established a solid reputation in the industry as a leading payment peripheral provider with magnetic stripe, EMV contact, and EMV contactless expertise. We are also an OEM payment solution provider with the capability and willingness to customize solutions to fit our customers’ needs. With a strong foundation and continued success rooted in card readers, ID TECH is currently expanding its reach in the ever-evolving payments industry.

To learn more about ID TECH, please visit our about page.

 

Parking payment devices have come a long way, especially in the last few years as unattended and contactless payment trends have skyrocketed. For many years, parking lots, garages, and single-space meters were known to accept predominantly cash. However, we are starting to see a majority shift toward electronic payment acceptance.

The introduction of payment methods other than cash cleared the way for reduced queue times and a more efficient payment process for customers. As new payment hardware and software options continue to make their way to the parking industry, it is important to be aware of what differentiates a mediocre system from a great one.

In order to do so, ask yourself these four questions when deciding which payment technology to implement into your parking services process:

Is it easy to use for your customers?

 Your number one goal should be to find a payment solution that is both aesthetically pleasing in its design, yet functional and easy-to-use. You should think of your payment process like an experience, with the goal of making it easy for your customers every step of the way. They should never have to question what step they need to take next or how to operate the parking payment machine.

Try asking yourself the following:

• When the customer first approaches the machine, is it easy to understand where to start?
• Is it clear where to insert bills, coins, credit cards, etc.?
• Does the machine let the customer know what to do next?

Does it compete with current trends and preferred payments?

As mentioned, we have seen a major shift in payment preferences with a majority of people leaning toward credit and debit cards, as well as mobile wallets. Additionally, amid ongoing concerns around COVID-19, age-old industries are rethinking their daily operations. Parking is no exception. According to NFCW.com, 49 countries in the last year have announced contactless payment transaction limit increases, with an average of increase of 131%.

Does the device offer Smart solutions?

As technology evolves and advancements in artificial intelligence (AI) continue to make an appearance, we are likely to see more and more unattended payment solutions within the parking industry. Since we are seeing less in-person exchanges within the parking industry, it is important that your payment technology provides a human-like encounter and answers customer questions along the way. AI is already a part of the fabric of parking and as it becomes more common, there will be even more potential for what it can achieve for parking services.

Is the equipment rugged enough?

 When choosing payment hardware for the outdoors, it is important to look for devices with specific Ingress Protections (or IP Rating) which are designed to withstand the demands of severe weather conditions. Do you need a device that can operate in extreme heat or cold? Do you need a device that can operate while wet? Do you need a device that will still operate while interacting with dust particles? At what level do you need these protections?  Search for a device that has a weatherized exterior that allows it to survive harsh natural elements.

You should also consider what Impact Protection or IK Rating you want your device to have. An IK Rating is a rating that determines how much an enclosure protects your device from external impacts such as pressure or being dropped. An IK Rating will tell you the force of impact your device can withstand if an accident occurs.  A device with a weatherized, rugged exterior is key for parking environments.

ID TECH Parking Solutions

Payment solutions for parking have specific requirements in order to keep your technology safe and working efficiently. Weather resistance, constraints involving electrical power, and infrequent maintenance are factors to consider when using these solutions in the outdoor environment. ID TECH understands these demands and provides optimal solutions for your unattended payment situations.

The ID TECH VP6800 is a PIN-on-Glass parking solution that is versatile and able to be customized based on merchant needs.  The VP6800 can be purchased with outdoor rugged features that can withstand harsh weather conditions such as high triple-digit temperatures or low single-digit temperatures. Certified with the latest payment technologies, the VP6800 can support the most popular payment methods such as EMV contact and contactless, MagStripe, and all major mobile wallets. It also features an optional camera that scans 2D QR codes and functions as a security device.

To learn more about the VP6800, click here.

About ID TECH

ID TECH has established a solid reputation in the industry as a leading payment peripheral provider with magnetic stripe, EMV contact, and EMV contactless expertise. We are also an OEM payment solution provider with the capability and willingness to customize solutions to fit our customers’ needs. With a strong foundation and continued success rooted in card readers, ID TECH is currently expanding its reach in the ever-evolving payments industry.

To learn more about ID TECH, please visit our about page.

 

You may have watched a movie at some point in your life where the concept of artificial intelligence (AI) captured your attention and left you imagining a world where it exists. You’re not the only one. Since the mid-20^th century, scientists and researchers have been on the course of making AI a reality for future generations.

Artificial intelligence (AI) makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. Using deep learning and natural language processing, computers can be trained to accomplish specific tasks by processing large amounts of data and recognizing patterns in that data. Here is just a handful of what AI can do:

• Automate repetitive learning and discovery through data
• Find meaning in language
• Adapt through progressive learning algorithms
• Analyze more and deeper data and make predictions based on that analysis
• Protect from Cyber Attacks
• Write music
• Recognize human faces and emotion

 

In addition to the benefits above, AI has become increasingly popular in the point of sale (POS) market. It provides consumers with the ability to both handle virtually all payment methods, as well as layer on customer loyalty, additional convenience and rewards. Join us as we look at some of what AI can accomplish within the POS world:

Contactless Payments

Contactless payments are all the rage right now, with strong trends further accelerated by the COVID-19 pandemic. Both allow customers to complete transactions with credit and debit cards, smartphones, and other devices that use radio-frequency identification (RFID) or near field communication (NFC) for making secure, no-contact payments. Customers simply hover their card or device of choice over the contactless reader to complete the transaction. It is a quick and easy solution that will not only keep customers safe but also decrease checkout time. AI-powered POS technology is able to walk customers through the checkout process and complete payments for them.

Enable Unattended Retail Experiences

AI is enabling retail to go unattended – moving goods and services into more locations, and bringing speed and convenience to consumers where they live, travel, play and work. As unattended retail becomes more sophisticated – buoyed by digital payments and AI – consumers are getting a self-service experience that is similar, or better than they get with an attendant in a brick-and-mortar store. Machines can identify you by facial recognition, remember your preferences, make recommendations, remember your preferred payment method and reward you for your repeat business, all without ever talking to a live person. The proliferation of the smart phone brought with it a consumer base that is accustomed to self-service and often seeks it out as a preference. Again, COVID-19 health concerns are only aiding in the growing popularity of these unattended experiences – a bright spot for retailers looking to expand and grow.

Answer Questions

One of the most frustrating encounters is when you are trying to use an unattended payment system and it does not cooperate. You are left dazed and confused with no one to communicate with. AI enables you to avoid this situation altogether. Much like Apple’s Siri product, POS providers are incorporating voice recognition software into their systems to assist customers through the checkout process. Now, if you have a question, you can simply ask the machine and it will have a preprogrammed response.

Perform Mundane Tasks

One of the greatest benefits of AI is that it has the capabilities to handle complex tasks, freeing employees of time-consuming and overwhelming work. This allows employees to increase overall organizational productivity, as well as direct more of their time and energy toward creating relationships and building their business. AI can perform a variety of tasks including arranging product pickups, customized screenings, inventory, and performing payment transactions.

Facial Recognition

Face recognition is not necessarily a new approach, as it’s a common feature in many smartphones today. However, as AI becomes increasingly popular and expands more into the POS market, we are likely to see it incorporated into payment terminals and other devices as well. The hope is that AI will be able to identify age, gender, and other aspects that may affect what an individual would order at a specific moment. This will allow companies to collect consumer data such as a person’s recent orders and create a more personalized customer experience based off that information.

Voice Ordering   

Another benefit of AI within POS is its voice recognition capabilities and the ability to understand multiple languages. POS devices now have the bandwidth to be programmed with a variety of dialogues, making it more user-friendly for those who wish to communicate with others who speak a different language. Customers can complete orders and ask questions without the fear of being misunderstood. This is especially useful in common areas such as airports, shopping malls and restaurants.

To stay ahead of the competition and create the most efficient and successful customer experience, businesses must keep track of current market trends including the rise of AI-powered POS technology.

ID TECH and Artificial Intelligence

ID TECH is expanding its product offering to incorporate each of these AI functionalities.  As a leader in contactless technologies and unattended payment solutions, ID TECH already offers an established lineup of NFC readers for accepting contactless payments.  In addition to its current products, ID TECH is developing innovative technologies to enable customers to integrate touchless operation, voice commands, facial recognition, and remote operation and device management into their everyday payment solutions.

ID TECH has also worked with its valued partners to integrate ID TECH products into their solutions.  For example, ViaTouch Media, Inc.’s VICKI is an AI Powered Smart Store that offers a touch free, unattended retail experience using ID TECH’s VP3300 OEM for payments. Ahead of its time, VICKI is a virtual attendant that can answer product related customer questions, arrange for advanced product pick-ups, and more. Plus, VICKI promotes social distancing and has COVID-19 virus killing technology that uses UV-C light to routinely clean products and interior surfaces after each customer use.

To learn more about the VICKI and the VP3300 OEM, download our case study here.

About ID TECH

ID TECH has established a solid reputation in the industry as a leading payment peripheral provider with magnetic stripe, EMV contact, and EMV contactless expertise. We are also an OEM payment solution provider with the capability and willingness to customize solutions to fit our customers’ needs. With a strong foundation and continued success rooted in card readers, ID TECH is currently expanding its reach in the ever-evolving payments industry.

To learn more about ID TECH, please visit our About Us page.

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When we hover our phone or smartwatch over a payment system at our local grocery store, vending machine, parking terminal, or other retail location, we rarely stop and think about the technological advancements that have taken place to get us to this point. While we may not think about it often, there are many factors that have played into the evolution of payment solutions – including enhancements in technology, increased customer expectations, and trial and error throughout the years.

It is common knowledge that payments are a crucial step in the interaction between a customer and the company they are doing business with. Payment marks a successful customer exchange, so it is important for companies to leverage the best payment solutions on the market and tailor their payment processes to their customers’ preferences.

To give you a better understanding of the evolution of payment solutions and how we got to where we are today, join us as we take a walk down memory lane.

 

History of Payment Solutions

Over the years, we have used quite the variety of payment solutions, and it is remarkable to look back on the past to see how far we have come. Even before the use of technology for completing transactions, people around the world have used insightful systems to track and organize payments.

Before 3000 B.C. – The earliest form of payment was known as bartering. People would simply trade items that held significant value to the other person including grains, livestock, animal hide and more. One example of this is in ancient China, where shells were used as currency.

3000 B.C. – Barley was the first official currency in the world. Unlike bartering, where an item could be one man’s trash and another man’s treasure, barley was considered valuable across the board. According to Agriplastics Community, the most common measure to control the exchange of barley was the Sila, which would amount to approximately one liter.

600 B.C. – The first coins appeared all the way back in 600 B.C. in what is now western Turkey. Because the coins were often made of precious metals, they had to be weighed to determine value. For time saving purposes, leather money was created out of deer and other animal skin.

500 B.C. – Roughly 100 years later, the Chinese invented paper which they started using as an alternative to coins and leather. Countries around the world were quick to adopt the use of paper currency, as it could be easily mass produced and was more convenient to carry around than heavy coins and large pieces of leather. Paper currency was the primary form of payment for hundreds of years.

18^th Century – In the 1800s, England and the United States both established gold as their standard of value which meant that the value of any form of currency was decided by first determining its value in gold. As time went on, people found it increasingly frustrating to carry around large sums of money. This led to the invention of paper checks and by the mid-1800s, they were the primary means of conducting large transactions.

20^th Century – While there were many payment methods throughout history, nothing compares to the success of the plastic payment card. The first bank-issued plastic card was created in 1946 by John Biggins and it set the tone for the many decades to follow.

 

Modern Day Payment Solutions

As you can see, payment solutions have come a long way. As customer preferences are continuing to shift toward contactless payments, mobile wallets and the use of RFID technology within watches and other devices is becoming increasingly popular. And, the growth of the ecommerce industry has required companies to search for reliable and secure payment methods for their customers paying online.

 

Credit and Debit Cards

Today, credit and debit cards are the payment method of choice for most people. Over the years, card payments have evolved to include magnetic stripes, chips and Near-Field Communication (NFC), which enables contactless payments.

Mobile

In 1997, the first mobile payment transaction was conducted by Coca-Cola. They used special vending machines where customers could pay by sending text messages from their mobile devices. Today, mobile payments are a very popular and viable form of payment across the world.  Many devices nowadays have a “mobile wallet” feature that allows customers to quickly and easily make purchases in-stores and online, withdraw cash from ATMs, and transfer money from person to person.

Contactless

As we continue to navigate the unprecedented times of COVID-19, many people are looking for ways to limit their interactions with both people and objects. One way they’re doing so is by using contactless payment systems which work by utilizing Near-Field Communication (NFC), a short-range wireless technology that allows for the contactless exchange of data over short distances.

While contactless payments were around before the onset of the COVID-19 pandemic, people have been much more receptive to adopting them into their everyday routine in their efforts to avoid contracting the virus. Even in a post-COVID world, it is predicted that contactless payments will continue to rise. In fact, MasterCard polled 17,000 consumers in 19 countries and found that they perceive contactless payments as “the cleaner way to pay.”

Unattended

As technology continues to evolve, unattended payment solutions continue to rise. Today, unattended payment solutions are becoming the new norm and you do not have to look very far to find one. Parking, ticketing, and retail kiosks, as well as restaurant drive-thrus, vending machines, and pharmacy dispensers are all examples of unattended payment solutions. Although they lack human interaction, unattended payments are often quick, secure, and provide an overall convenient experience for customers.

Biometrics

If you’re unfamiliar with biometric payments, they are carried out by using your fingerprint or other body recognition to complete a payment. An example of this would be the use of face recognition on your smartphone to unlock it. The same technology is used today to make payments. According to Frost & Sullivan analyst Ram Ravi, palm reading, iris- and facial-identification biometrics are all experiencing rapid market expansion and are predicted to grow in popularity over the next several years.

Payment Solutions of the Future

While you can’t accurately foresee the future 100% of the time, there are things you can do to give you a better idea of where payment solutions are headed. Paying attention and analyzing your customers’ buying habits will give you insight into who they are, what they buy, how they make their purchases and what payment methods they prefer. You should treat this information like gold, as it will allow you to determine shopping patterns and payment trends in the years ahead.

As mentioned previously, enhancements in technology and the creation of new payment methods will play a major role in the future of payment solutions. In fact, today’s most popular  payment solutions may disappear altogether as new advancements are made. Based on current trends, contactless card payments, mobile wallets, and voice-based purchasing solutions are predicted to rise in the future.

 

ID TECH: Building Payment Solutions for the Future

ID TECH is focused on building payment solutions for the future. We strive to provide high-quality products for a variety of industries and do so through our strong commitment to innovation. At ID TECH, we understand the unique demands of each industry and design solutions to fit those needs, including the following:

ATM – Our products provide secure, rugged, and future-proofed hardware to ensure quality outcomes time and time again.

Loyalty and Access Control – Through our new tap-and-go technology, it is easier than ever for your customers to redeem rewards, access concerts or sporting events, provide authentication, and more.

Parking – ID TECH is a leader in the parking industry due to its focus on keeping your parking technology safe, efficient, weather resistant, and easy to maintain.

Transit – Our payment solutions for the transit industries are durable, reliable, fast, and easy to operate. Our rugged, sleek payment solutions create an enjoyable and simple user experience.

Vending – Our fast and easy-to-use technology allows customers to grab their desired item and go. Our products are designed to provide user-friendly interactions while utilizing the latest in payment technology.

 

See the Future of Payment Technologies at NRF

Many of the payment industry’s future facing technologies will be on display at the upcoming tradeshow, NRF 2021: Retail’s Big Show – Chapter One, including some exciting new technologies that ID TECH will be highlighting.  Stop by the ID TECH booth to speak with our experienced sales team about the future of payment technologies!

 

About ID TECH

ID TECH has established a solid reputation in the industry as a leading payment peripheral provider with magnetic stripe, EMV contact, and EMV contactless expertise. We are also an OEM payment solution provider with the capability and willingness to customize solutions to fit our customers’ needs. With a strong foundation and continued success rooted in card readers, ID TECH is currently expanding its reach in the ever-evolving payments industry.

To learn more about ID TECH, please visit our about page.

 

In today’s business environment, it is as important as ever that businesses take every precaution to protect their customers’ payment data. As fewer transactions are conducted in person and more are being completed over the phone, via mail, or online, businesses must be equipped to take secure payments in a back-office setting, such as a call center, or for Mail Order Telephone Order (MOTO) transactions to ensure a secure and satisfying customer experience.

During these card-not-present transactions, there are special challenges that are not easily met by traditional credit card readers and PIN pads. PCI- compliant handling of such transactions requires the use of a dedicated device that can securely encrypt keyed-in data in real time. Most credit card readers (even those that have a keypad) are not capable of doing this in a PCI-compliant fashion.

For this reason, ID TECH has developed encrypting keypad technology that aligns with one of our key missions: achieving payment security. Read on to learn about how card encryption works and to discover best practices for securing back-office payments.

How Does Encryption Work?

Credit card encryption is a security measure used to greatly reduce the possibility of cardholder information from being compromised. Encryption is accomplished by using an algorithm that converts plain-text card data into a non-readable format called ciphertext. Once the data has been encrypted, it will remain in a nonreadable ciphertext state until the corresponding decryption key is used to decrypt the data back to the readable clear text mode.  Encrypting sensitive data removes the transmission of clear text cardholder data and greatly reduces the possibility of a security breach.

Another important aspect of card encryption is P2PE. PCI uses Point-to-Point Encryption, or P2PE, to ensure that payment card data is secure from the point of card swipe or insertion until the time it reaches the payment processor. P2PE regulations specifically state that payment solutions are required to encrypt card data immediately upon use of the merchant’s payment hardware and cannot be decrypted until the information is received by the payment processor. PCI P2PE solutions are an important aspect to the merchant’s overall effort to ensure that card and transactional data is protected for a safe and positive purchase experience.

How the SREDKey 2 Helps Ensure Secure Back-Office Payments

Now that we have outlined how encryption works and why it’s important, let’s look at ways to ensure secure back-office payments. One of the most important steps in this process is using a payment device that can successfully encrypt card-not-present transactions, while also having capacity to complete in-person transactions if needed.

That’s why ID TECH’s SREDKey 2 is an ideal solution to this challenge. The SREDKey 2 is a PCI-PTS 5.x certified Secure Reading and Exchange of Data (SRED) device that actively encrypts sensitive cardholder data as it is being typed into the keypad. This allows businesses to participate in phone and mail order transactions, and other Card Not Present scenarios. The device has an optional physical MagStripe reader, which can accommodate pickup-in-store, hotel check-in, and other scenarios in which the final purchase involves a physical card. As the latest version in our encrypted keypad product family, the SREDKey 2 supports international languages, remote key injection, and comes in both an MSR and non-MSR option.

To learn more about the SREDKey 2 or to request a demo, visit our product page here.

About ID TECH

ID TECH is a leading global payment peripheral provider with expertise in magnetic stripe, EMV contact, EMV contactless, and OEM customization solutions. We have a strong foundation and continued success rooted in card readers and are always expanding our product offering to provide innovative solutions for the ever-evolving payments industries. Payment Security is an integral part of our product offering, and ID TECH as a company prides itself at being at the forefront of payment security in our design, development, manufacturing, and sales processes.

To learn more about ID TECH and our dedication to achieving payment security, please visit our about page.

 

Contactless payment methods have gradually increased in popularity across the world, but COVID-19 has propelled many countries and industries to quickly adopt new technology into their payment solutions. As the novel coronavirus becomes more prevalent, we are seeing a growing desire for limited contact with cash and payment devices to prevent spread of the disease. As a result, the demand for contactless payments has increased in all industries. Retail has begun to evolve by offering NFC payments and self-service checkout kiosks to promote customer safety, and now the transportation industry has begun to advance as well.

Evolving payment methods are becoming the norm and transit systems are having to adapt to a cashless and contactless society.  Countries across Latin America have decided to include multiple payment options to reduce cash and metro card usage. Now there is a focus on other payment methods such as QR codes and EMV contactless payments using debit and credit cards. While this endeavor is for customer safety, it benefits operators by decreasing costs and commuters by increasing efficiency.

In Peru, cashless transactions have increased to 50% of all their transactions since COVID-19 has begun. The Executive President of the Urban Transport Authority for Lima and Callao began offering transportation subsidies to operators who adopt EMV card readers to match cultural payment changes. Transportation officials are hoping this will result in transactions that are safer for customers and their sensitive information.

Along with Rio de Janeiro and Sao Paulo, the city of Curitiba, Brazil will install new validators that allow commuters to use their own EMV cards for tickets, in addition to the existing NFC metro card payment options.  The ability to pay for fares with credit cards provides added convenience to commuters, eliminates the need to recharge a metro card, and reduces the number of cards that commuters need to handle.

ID TECH is currently working with several Ticket Integrators all over the world to allow EMV to be adopted into Latin America public transportation transactions. Validators are being deployed in several cities and use NFC technologies from ID TECH’s Kiosk IV to fulfill their promise to regulate transportation access through a secure ticketing system. The Kiosk IV is a rugged, contactless NFC reader that accepts both contactless payments and mobile wallets. Validators using the Kiosk IV accept both closed and open loop payments while quickly processing priority information for speedy payment acceptance. The combination of the two enables passengers to have a fully integrated, seamless transit experience.

While these payment updates are necessary for the evolving needs of public health and safety, they are sure to have a positive impact on both commuters and public transportation as well. The world is continuing to adopt new payment methods and Latin America has made huge strides by accepting EMV cards for public transportation.

Learn more about ID TECH products at https://idtechproducts.com/.