From telcos to startups, from leading financial institutions to e-commerce providers, new organizations and new geographies are looking to provide mobile point of sale (mPOS) solutions to merchants and businesses.
See the ten key steps for mPOS service providers to transform merchant-consumer interaction to an easier, richer and more personalized experience
1. BUILD OPERATE GROW
The ten key steps
for a successful
mPOS solution
A step-by-step guide for payments providers
2. The relationship between merchants and consumers
is becoming closer and more personalized. Consumers
expect a higher level of information and customization
in face-to-face interactions than in their online expe-
riences, without sacrificing speed or price. This means
that salespeople need to be armed with a full set
of tools and information as well as a way to accept
immediate payment. In other words, merchants need
a mobile sales tool in their arsenal.
Smartphones and tablets are democratizing software
applications; not only is it feasible to have a sales tool
in every pocket, but indeed, in the next few years,
consumers will expect this level of service from every
salesperson, regardless of the merchant’s size.
Heterogeneous environments:
tablets, smartphones
and terminals
Each company has its own way of doing business
and its own set of processes and back-end systems.
As for consumers: most hesitate to proactively opt-in
for new services. That’s why sales systems that
increase friction between consumers, merchants, and
existing systems often fail to reach scale, whereas
those that decrease friction lead the market.
For this reason, the future of mobile payments lies
in providing open, robust, and highly configurable
mobile point of sales (mPOS) solutions that are both
backwards-compatible with existing payments meth-
ods and processes, as well as already ready for emerg-
ing tablet and smartphone-based services.
The m-revolution:
a sales tool in every pocket
BUILD OPERATE GROW
Giving power to the merchants
mPOS services are becoming much more than tools
that enable small and mobile merchants to accept
card-based payments for the first time. Next-gener-
ation mPOS services provide tablet-based function-
alities to facilitate a consultative sales approach as
well as hybrid fixed/mobile registers. The next wave
of innovation in mPOS will surely be driven by solu-
tions that can provide unprecedented flexibility to
integrate analytics, geo-localization, loyalty and new
payment methods like mWallets.
Key learnings
Many new organizations are entering the mPOS
service provider market – from startups to telcos,
from leading financial institutions to e-commerce
providers. Our mission is to help these organizations
make merchant/consumer interactions a richer, more
fluid and more personalized experience.
The Ingenico Group has gathered a wealth of expe-
rience in its thirty years in the payments industry
and its nine years in the mPOS market. This white
paper introduces ten key learnings in mPOS; future
publications will focus on a detailed exploration of
some of the themes introduced in this paper.
3. INGENICO GROUP / BUILD OPERATE GROW 3
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Mobile and tablet-based applications have democ-
ratized solutions for both consumers and merchants,
who are looking to gain greater visibility into their
business operations, boost their efficiency, increase
sales, streamline accounting processes and enhance
the overall consumer experience. While there are
many themes common to all industries and all sizes
of merchants, these drivers mean that even small
and medium businesses (SMBs) will demand tailored
solutions down the road.
Market specificities
Mature markets still have a high potential in terms
of mobile solutions equipment, as some markets are
few equipped, such as small businesses. As example,
a full 55% of the 27 million small businesses in the
United States cannot accept credit cards1
. In a country
where there are 3.5 payment cards per person2
, this
is an enormous gap. In the European Union, there
are half as many payment cards per capita3
, and the
number of small businesses who cannot accept cards
is even greater.
As developed markets move up the value chain,
emerging markets are set for explosive growth in
small and medium businesses with the emergence
of a new middle class and greater financial inclusion.
Card ownership has doubled in the past five years in
India4
, for example, yet there is only one POS terminal
for every 1,700 people5
. However, solutions for emerg-
ing markets come with their own set of challenges
and specificities. For these reasons, we have found
that when formulating an mPOS service, merchants’
needs vary widely depending on geography, industry
and education levels, and it is therefore important to
target a specific segment at the outset.
Tailored use cases
Tailoring an mPOS solution to a specific use case has
been shown to result in enormous successes, effectively
transforming the mobile or tablet-based payment
application into a complete sales tool. For example,
a major global retailer of home improvement and
construction products and services has equipped hun-
dreds of associated contractors with an mPOS solution
that manages their customer interactions from start
to finish, enabling them to:
● Set up a quotation appointment
● Show the client options for renovations with real-
time rendering and quoting
● Order materials and check inventory on the spot
● Accept payment
● Obtain proof of delivery and send electronic receipts
and invoices
● And much more…
Focused on the customer
journey
For decades, consumers haven’t been able to see
the tools and systems driving their in-store purchases.
Moving forward, point of sale applications will not
only need to be intuitive and attractive enough to
be shown to consumers, but they will become an
integral part of the customer journey. mPOS innovators
and mobile payment providers have the most to gain
from this shift. As noted by the Mobey Forum, the
global association focused on mobile financial services:
“The innovators and providers who find a way to
integrate and disguise the payment within engaging
physical and virtual consumer shopping experiences
will win. Innovators and providers that focus solely
on the payment will lose.”6
Build an offer
with merchants in mind
Did you know?
55% of the 27 million
small businesses
in the United States
cannot accept credit cards.
4. 4 INGENICO GROUP / BUILD OPERATE GROW
Just as it is essential for payments providers to focus
their efforts on key merchant segments, the most
successful providers have focused their efforts on
their core areas of competencies. This means carefully
assessing geographies, taking a step-by-step approach
to building in new functionalities and formulating a
strategic approach to sourcing contributors to the
program’s success.
We have found that the most successful service
providers have hired outside experts to work with
them on:
● Merchant outreach
● mPOS salesforce (or training of existing salesforces)
● Marketing and communications
● Payment certifications
● Payment industry associations and lobbying
● Merchant storefront applications
● Merchant portals & management tools
Assemble a best-of-breed
solution
● Service provider portals & management tools
● Payment hardware and end-to-end encryption
● Risk management
● Anti-fraud
● Hardware delivery and maintenance
● Support
Security is one area where there can be no compro-
mise. Any company that processes, stores or transmits
credit card information is required to maintain a
“secure environment” as detailed by the Payment
Card Industry (PCI) Security Standards Council. Failing
to comply with these requirements can result in fines
up to $25,000 per month.
However, the risk of fraud is an even bigger issue,
and it is important to ensure an end-to-end solution
that is able to manage the complexity of marrying
potentially unsecured consumer mobile devices with
secure payment services.
Payment sits at the heart of the merchant/consumer divide;
building a best-of-breed solution is an effective way to future-proof the service
Merchant
systems
& equipment
Hardware
compatibility
Global
interoperability
Diverse
applications
Unreliable
communications
● EMVCo
Multi-schemes
● Visa
● MasterCard
● JCB
● American Express
● Union Pay
● Discover
● Electronic Cash
● Carte bleue
● CartaSi
● …
MOBILES PAYMENT
Security
Evolving
platforms
Transaction
electronic
receipt
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5. INGENICO GROUP / BUILD OPERATE GROW 5
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Launch with a concrete
growth plan
Whether you expect your growth to be in volume,
as you reach more merchants; or in reach, as you
cover more countries; or in services, as you expand
your offer; successful mPOS solutions must launch
with a growth plan in mind.
Local requirements
In-country support and regulatory compliance are
important, and scaling an mPOS solution across the
globe is an order of magnitude more challenging
than scaling an e-commerce business. Accepting local
card schemes, ensuring local supply chains with rapid
delivery times, facilitating cross-border payments,
and providing localized payment applications are
essential to ensuring that the mPOS solution comes
with a high level of service, no matter the country.
As a concrete example, in the Netherlands, over half
of card transactions use the local IDEAL payment
scheme. Miss this localisation and you lose the market.
Supply chain quality
An incredibly important but all too frequently over-
looked factor is the robustness of the payment device
supply chain. When ramping up the service and deploy-
ing thousands of mPOS terminals, the ability to securely
and rapidly execute and deliver is fundamental. This
ramp-up requires robust software to board and manage
new merchants, internal and external testing facilities
and comprehensive quality control.
New options bring
new possibilities
When building an mPOS solution, seek out a partner
who offers the most open system capable of managing
not only the widest range of different kinds of cards
and local payment schemes, but also connections to
third party services for loyalty, mWallet acceptance,
promotions and more. The more choice your partner
offers, the more options you have for future growth
and the more options you can offer your merchants.
Ask your partner about their R&D roadmap and API
strategy, and be wary of any solution provider who
doesn’t have a solid long-term technical product
roadmap looking 12 to 18 months into the future.
Launch with a concrete
growth plan
mPOS user growth forecast (in millions)
1
6
19
2011 2013 2017
ABI research – mPOS shipments, world market – 2012
6. 6 INGENICO GROUP / BUILD OPERATE GROW
Global regulations
Ultimately, the best defense against mPOS fraud is
to scrupulously respect security guidelines as outlined
by the Payment Card Industry (PCI) Security Standards
Council in the U.S. and/or as indicated in the EMV
Integrated Circuit Card Specifications for chip-based
payment cards and acceptance devices in the rest
of the world.
However, both PCI and EMV guidelines are continuously
evolving. So new mPOS service providers need to
ensure they are working with experts who can help
them meet existing PCI/EMV standards today, and
who are actively working to anticipate changes and
meet future guidelines as well.
Nothing is more
important than security
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Security is perhaps the most important consideration
when building an mPOS solution. Beyond the fun-
damental importance of protecting systems from
fraud, there is also the fact that mobile points of sale
are perceived by many consumers as being inherently
untrustworthy; in fact 72% of consumers have con-
cerns about whether mPOS is secure7
. This perceived
lack of security slows down adoption and use.
Fraud prevention
The best fraud management systems are both pre-
ventative and proactive. A certified SRED solution is
essential for all payment transactions, and cardholder
data should never be in an unencrypted form between
the reader and the acquirer’s or the gateway’s secured
environment. On the back-end, service providers
need insight into the activities of their merchants,
with the ability to block usage based upon geo-local-
ization, volumes, usage patterns, velocity or limitations
imposed on merchants based on their defined profiles
(high risk, low risk, etcetera).
Visibility
Branding is important for adoption. Consumers are
more likely to trust an mPOS device and application
branded with a name and logo they know and trust,
preferably one already linked in their minds with
trustworthy payments. Merchants are more likely to
trust organizations with a well-established brand and
a strong local presence.
Consumer perceptions
of mPOS security7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
8%
41%
20%
19%
12%
Extremely secure
Very secure
Somewhat secure
Not very secure
Not at all secure
7. INGENICO GROUP / BUILD OPERATE GROW 7
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New regulations bring
new challenges
The payments regulatory landscape has changed
vastly over the past three years, and nowhere more
than in mPOS. Many regulators remain unsure over
how to regulate mPOS, and the card industries have
taken the lead to guide providers on best practices.
Looking forward, the United States of America plans
to move away from magnetic stripe cards and towards
EMV-standard cards. At present, the major credit card
companies have stated that they want all merchants
in the U.S. to have an EMV payment system in place
by October 2015.
In making this transition, EMV gateways and mPOS
software architecture have several fundamental dif-
ferences with magstripe solutions, and the industry
is poised for a significant overhaul of front-end as
well as back-end systems.
Local requirements
Visa Inc., Visa Europe, MasterCard and American
Express have all launched mPOS certification programs
whose requirements include providing source code,
attaining PA-DSS certification for the mobile app, PCI-
PTS certification, EMV Level 1 and Level 2 certifications,
NFC, and penetration tests on the system. In parallel,
the European Central Bank is launching a public con-
sultation on the security of mobile payments, the
results of which could have significant impacts on
public policy and pan-European regulations.
Anticipate a changing
regulatory landscape
Even changes to standards in parallel sectors – such
as the new global standards announced by card asso-
ciations in 2013 for non-card payment methods like
mobile wallets and the recent changes in barcode
norms and taxation codes – must be anticipated and
properly managed, in order to maintain a holistic
end-to-end solution.
The next round of mPOS regulation is likely to focus
on end-to-end encryption, the integration of small
merchants into the taxation system, changes to card-
present and card-not-present definitions, and geo-
localization tracking to make sure that devices are
only being used in the country for which they were
intended.
Change is ahead,
so navigate wisely
The bottom line is that a sector in a state of almost
constant change can be complex to manage.
Successful mPOS solutions for merchants will consider
these changes – or will ask their providers to do so.
Working with providers that are active in cross-industry
organizations and governmental lobbying boards fur-
ther enables organizations to predict and plan for
regulatory changes before they actually happen.
In short, build an mPOS solution that allows you to
navigate the known and unknown changes ahead.
Did you know?
Visa, MasterCard and American
Express all now have mobile point
of sale certification requirements
and processes. Ensure your offer
can meet them.
8. 8 INGENICO GROUP / BUILD OPERATE GROW
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Building an mPOS solution is just the first step. Hiring
and training the people needed to launch it success-
fully and to operate it efficiently is the next challenge.
Our experience has shown us that the resources
needed for an mPOS service evolve significantly
between the launch and the operational phases.
Focus on the merchants
mPOS is uniquely different from traditional POS serv-
ices. Because it relies on the use of consumer-owned
technology and because mPOS can target small and
medium merchants in addition to larger retailers, the
marketing and launch of the service is often much
closer to a B2C campaign than a B2B campaign.
Launch team
It is therefore important to build a dedicated in-house
launch team who is able to use online marketing,
popup events, social media, and viral campaigns to
attract small and medium businesses. We often sug-
gest complementing the launch team with staff
dedicated to gather information on the results of
your first pilots in order to tweak the service based
on merchant feedback as well as a technical team
dedicated to resolve the first teething issues.
Operations team
Executing and growing the mPOS service requires
building an excellent operations team including tech-
nical support staffers, a quality insurance group and
data analysis experts.
Whether you are an online startup, a telco or a financial
institution, attracting and onboarding mPOS merchants
will require training sales agents to simplify the pay-
ments value proposition for what can often be a price-
sensitive, non-technical audience. Our partners have
used a range of tools, some of the most effective
being internal promotional campaigns, mPOS gurus,
“learning lunches,” and the use of how-to videos or
interactive guides that can be viewed at the same
time as sales agents sign up new merchants.
Whether launching or operating, customer support
is what will make or break a service in the long run,
and there are unique complexities associated with
debugging mobile devices paired with hardware
peripherals. The mPOS support team needs to be
well-trained in the solution and should ideally offer
24/7 care. Up-time and reliability are critical, so it
is important to ensure that your mPOS technical part-
ner’s support team is able to support your growth
aspirations moving forward.
Get the right team
in place
Known for in-store mobile
payments, Apple stores generate
the highest
revenue
per square meter
of retail space
of any major retailer.8
9. INGENICO GROUP / BUILD OPERATE GROW 9
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Small businesses
Historically, mobile payment for (very) small merchants
was not addressed by financial institutions. The simple
fact remains that the traditional approach to point of
sale services does not always profitably address very
small businesses, especially in emerging markets.
But now, merchant solutions are becoming faster to
deploy, more intuitive, richer, and above all, more
mobile. mPayment solutions can today affect busi-
nesses of all size.
Large businesses
These innovations become more profitable when
moving up the value chain, providing medium and
large businesses with tablet-based mPOS functionality
and in-store/out-of-store mPOS capabilities that are
complementary to their existing processes. Many
businesses will also need a mix of traditional and
mobile point-of-sale devices and in-store/outof- store
multi-channel integration – giving you the opportunity
to sell higher-value services with a potentially global
reach. There is significant complementarity between
mobile and fixed POS, and in the future, most busi-
nesses are likely to have a hybrid approach combining
the strength of the two. With the increasing cost of
personnel and the increasing demands of consumers,
there is opportunity to increase touch points and
ensure an improved ROI from service personnel.
Tailored services
Integrated mPOS solutions enable payments innovators
to seize this opportunity, but only if they are equipped
to facilitate online boarding, support and fleet man-
agement. Remote key injection and support are key
to reduce costly onsite support, and automated online
boarding and merchant profile management are strong
contributors to the bottom line. Surprisingly, small
and businesses often appreciate this self-service
approach, as it enables them to customize their mPOS
application and back-end to meet their own needs,
on their own schedule.
Moving forward
Once the initial needs of providing profitable services
for small businesses, mobility and line-busting are
met, mPOS is being increasingly used to combat
showrooming, personalize the customer experience,
reduce the risks of out-of-stock situations, and upsell
or suggestive-sell based on customer profile infor-
mation. To this end, one organization with whom we
are working has equipped their entire contractor and
delivery staff with mPOS sales tools to align with
their strategy of building a store without walls. Other
clients are focused on the in-store experience, and
are adopting mPOS and tablet-based POS as a way
to facilitate consultative sales processes.
Customize your offer
Stores without Walls
Out-of-Store Sales
Fixed Tablet-Based POS In-Store Mobile Sales
IntelligentOrdering
&
Checkout A Selling Oppor
tunityatEveryInteraction
Mobile POS use cases
10. 10 INGENICO GROUP / BUILD OPERATE GROW
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Grow the user base
Given the transparency of mobile application software
and the fact that small merchants often act more
like consumers than traditional business clients, mPOS
offers need care and attention to ensure it bears fruit
for you. Your users are the source of your success.
Once the first users are on board, it is important to
use these users to your best advantage to help you
win new customers. To find them, be creative. To
keep them, be innovative.
We have seen viral marketing programs lead to suc-
cess in this domain. However, viral marketing can
go spectacularly well… or spectacularly poorly. So
only roll out a thoughtful social media campaign,
and consider working with a specialized agency.
Videos or animations will be the most help if they
are used to explain the “how and why” of the mPOS
offer to merchants – and even to your support staff.
We also believe that referral programs – something
previously unseen in the traditional POS market –
can be very effective in ensuring positive feedback
when taking a social media-driven approach. A recent
study revealed that referred customers generate
higher margins than non-referred customers, and
are more likely to remain a customer for longer.
Easy onboarding for a quick start
Tools that enable smooth, efficient and quick merchant
onboarding – whether online or in mobile operator/
bank branches – are key to ensure adoption of an
mPOS service. We have seen that deploying a com-
bination of automated online boarding tools and “live
human” face-to-face registration centers in bank or
mobile operator branches is the most effective. Ideally
speaking, you want your users to feel that they are
valuable customers who are accessing a flexible serv-
ice that will reduce the overhead and work often
associated with traditional POS deployments.
Our experience has shown us that merchants will
make up their mind on an mPOS service in the first
month9
. This means it is imperative to get new cus-
tomers engaged and smoothly using the service
immediately after signing them. Online portals that
enable merchants to customize their brand presence
and receipts and that immediately show them how
they can maximize benefits from the solution through
online reporting and tracking are critical to get mer-
chants to make their first transactions.
Regular outreach to combat churn
You know you need to build your customer base. But
it is just as important – if not even more so – to keep
acquired mPOS users active through regular marketing
and communication outreach actions. Signing a new
mPOS merchant costs time and money; to get the
return on the investment, it is important to keep them
engaged. Prompt after-sales service, IT reactivity and
an efficient support service that can modify merchant
profiles in real time are definitely part of the mix.
It costs 6-7x more to acquire a new
merchant than to retain an existing one
Cost to retain
existing merchants
Cost to acquire
new merchant
6/7 X
X
11. INGENICO GROUP / BUILD OPERATE GROW 11
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To ensure your mPOS offer stays profitable and effi-
cient, you need tools that give you insight into your
merchants and their behaviors.
Centralized visibility
An mPOS system for small and medium businesses
is somewhat more complex than a traditional retail
POS offering. For one, there will surely be a significantly
higher number of individual merchants onboard. The
merchants themselves will likely have a lower level
of technical expertise. Furthermore, if your customers
include very small businesses, your per-merchant rev-
enue will be lower and your ability to provide individual
attention will probably be lower. This means you need
to be able to quickly see what is going on and you
need to be able to quickly spot and correct issues.
Your interface should allow you to see all of your
merchants and all of your suppliers via a centralized
control panel. You must have real-time control of
devices, applications and transactions.
Control and reporting
Global reporting statistics should be a few clicks away,
as well as the ability to easily export data into your
other business software tools. A control and reporting
platform should also allow you to see and set trans-
action limits according to merchant risk profiles. While
not a consistent regulatory constraint today, this
approach is being considered by several regulatory
associations.
Self service
The sheer quantity of your customers will also mean
that you need to offer a “self-service” centralized
support functions so they can manage and customize
their own mobile storefronts and access reporting
data on their own.
Manage merchants
proactively
The indispensible tools for proactive
merchant management
Mobile Storefront
Real-time Control
Merchant Boarding and Support
Transaction Analytics
Fraud Management
Services Management
12. 12 INGENICO GROUP / BUILD OPERATE GROW
Always keep in mind
1 ● A mobile point of sale offer is about much more than just payment. Merchants will be most interested
in a solution that assists in enhancing their full end-to-end business model.
Build carefully
2 ● Payment is complex. Build a best-of-breed solution and work with your partners to regularly monitor
and test the system.
3 ● Mobile phones and operating systems evolve quickly, and combining a consumer mobile device with a
professional payment service introduces additional complexity. Ensure that you and/or your mPOS
provider have a dedicated team focused on keeping up with new consumer offerings.
4 ● Payment is governed by extensive and often-changing regulations. It is important to bring together
people who have experience, and to work with a partner whose R&D roadmap anticipates the changes
that are already expected.
5 ● Build the solution with growth in mind – consider global presence, supply chain and the range of
products and services to be offered.
6 ● Nothing is more important than security. Carefully check credentials and experience in this domain.
Operate smoothly
7 ● Your mPOS offer won’t run itself. You will need a team dedicated to launch, operate and promote your
mPOS offer.
8 ● Into packages that match the needs of the segment you are targeting: small merchants have certain
needs, larger retailers have others.
Grow constantly
9 ● Your mPOS offers becomes truly profitable once it hits a certain critical mass of users. To reach that
point, you need to get new customers onboard quickly and maintain a dialogue with them so they
remain consistent users.
10 ● Keep an eye on the system. Ensure you have access to reports and statistics that will alert you to
potential issues and allow your users to self-manage certain tasks.
mPOS checklist
for payments providers
13. INGENICO GROUP / BUILD OPERATE GROW 13
Ingenico
mobile solutions
Ingenico and its innovative mCommerce affiliate, ROAMTM
, help merchants get to market quickly with secure
and powerful mobile point of sale solutions, regardless of the technology environment. Whether producing
the industry’s first secure mobile card reader or working with leading retailers to mobilize their sales force, our
mobile payment solutions are dedicated to helping merchants create closer, more personalized interactions
with their customers.
ROAM merchant
commerce platform
ROAMpay App Your App
Mobile
POS Apps
RP350x Chip
& Sign Reader
G5X Mobile
Card Reader
iCMP Chip
& PIN Companion
iSMP Retail
Chip & PIN
RP750x Cloud-based
Chip & PIN
Mobile
Card Readers
External
Services
Value-Added
Services
Back-End
Systems
mWallet
Offers
Loyalty
Gift
CRM
Business
Intelligence
Inventory
ERP
Transaction
Analytics
Mobile
Storefront
Third
Party
Services
Fraud
Engine
Merchant
Boarding
and
Support
Device
Management
Estate Owner
Portal
Merchant Self-Service
Portal
Management
Tools
Apps
14. 14 INGENICO GROUP / BUILD OPERATE GROW
Your global partner
in mobile payments
We process and secure millions of mobile payment transactions for many of the world’s leading businesses,
including acquirers, ISOs, direct selling organizations, home service providers, retail, financial institutions,
hospitality establishments, mobile carriers and more. These companies rely on us in order to quickly get to
market with their own mPOS solution.
Our platform enables these businesses to:
● Securely accept mobile payments using a full suite a full suite of PCI PTS and EMV certified mobile card
readers
● Quickly and easily integrate with existing backend systems and applications using ROAM’s APIs
● Cost-effectively create customized, white-labeled mPOS solutions using their company’s established branding
● Accept payments using the leading smartphones and tablets, including iOS and Android
● Manage all mobile transactions with real-time dashboards and analytics
Unique features include:
● Comprehensive mobile commerce management solution providing real-time control over the entire merchant
lifecycle
● Custom risk engine to manage risk tolerance and reduce fraud
● Highly flexible and scalable architecture designed to support deployment of any size and in any region of
the world
● EMV-ready, future-proof solution for global payment acceptance
● Industry-proven technology from the most trusted leaders in mobile commerce: ROAM and Ingenico.
15. 1
“Why Don’t More Small Businesses Accept Credit Cards,” by TJ McCue, Forbes.com, 16 August 2013
2
Statistic Brain: http://www.statisticbrain.com/credit-card-ownership-statistics
3
Payment statistics, European Central Bank, June 2012
4
Financial Cards and Payments in India, Euromonitor International, March 2013
5
World Bank population data, 2012
6
The mPOS Impact: The Shifting Balance of Power, Mobey Forum, November 2013
7
Javelin Strategy and Research, October 2013
8
RetailSails report, 2012
9
Bain & Company
References