Solving the Crypto Payments Acceptance Challenge in Retail

                                                                   mBeaconSAM

                                                                   mBeaconSAM

Blockchain technology, and the accountability and security that it affords has given rise to a new form of currency called Bitcoin. Bitcoin is a cryptocurrency that began on January 3, 2009, and has gained acceptance with circulation currently exceeding $7 billion. With Bitcoin and cryptocurrency becoming mainstream, retailers will need to find payment solutions to meet the desires of consumers who prefer to pay with Bitcoin.

Bitcoin and blockchain technologies are still in their infancy, but the practicality they offer has big banks paying attention. Financial institutions have discovered that using Bitcoin allows faster, more efficient, clearing and settlement of accounts between banks. The technology enables the sending of money directly between parties securely and accurately, between banks as well as retailers and consumers. While Bitcoin has become accepted by people and is growing in usage, consumers are finding that they can't use the currency for retail purchases.

Netclearance is leading the industry in providing solutions to merchants, enabling them to accept Bitcoin and other cryptos in consumer transactions. Netclearance applications allow merchants to receive cryptocurrencies and tokens as payments, increasing business opportunities and customer payment options.

                                                                  mBeaconVault

                                                                  mBeaconVault

Netclearance offers payment solutions utilizing next generation, Smart Wireless Proximity Technology, offering advantages for consumers and retailers. Netclearance's mBeaconPay and mBeaconSAM integrate seamlessly with retail cash registers,payment terminals,unattended vending, and enables acceptance of Bitcoin payment by retail businesses, helping consumers to adopt it as a method of payment.

Bitcoin represents a growing trend in the financial industry and will continue to influence the way consumers and retail businesses conduct transactions.

To learn more about this or anything else contact us today.

Decentralization of Payments Frees Your Business From Merchant Processing

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Blockchain technology is likely best known for being "under the hood" of cryptocurrencies like Bitcoin, but it now spreading into the mainstream and being used to handle real-money transactions. As explained by BlockGeeks, it all starts with what is known as a "distributed ledger." This is similar to a spreadsheet that is duplicated thousands of times across many computers. Whenever a transaction takes place, these ledgers are updated with the new information.

The distributed nature of the technology can eliminate the need for the current centralized system and thereby eliminate the need to deal with financial institutions or merchant processors. Instead, your company hooks directly into the blockchain alternative to handle payment processing.

Bitcoin and Other Cryptocurrencies Are Going Mainstream

When Bitcoin first hit the scene, few people thought it would succeed at all, let alone last. Now, however, it is being used as currency in an amazing number of places. This makes it so that there is a large pool of Bitcoin holders who would be glad to be able to use it at physical stores as well as more online merchants. Now is the time for your company to add Bitcoin and other "cryptocurrencies" to its roster of accepted payment types.

How You Can Cash In

Our mBeaconSAM and mBeaconPay payment acceptance systems are now fully enabled to accept cryptocurrencies and tokens as payment methods. Integrating them with your current payment acceptance systems makes it easy for you to reach people who use these alternative currencies. You don't have to figure out how Bitcoin works or how to convert it into your country's standard currency. Instead, our system takes care of everything so you can process cryptocurrencies like any other form of payments.

To learn more about mBeaconSAM and mBeaconPay and how they work with cryptocurrencies, just contact us. We'll be glad to explain everything.

Transformative Banking and Payment Methods with Open API

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Banks are not the same as they were some years back. Financial technology futurists foretold the takeover of Application Programming Interfaces (API) in the banking industry. Such digital transformation means breaking the bank’s domination over matters like client information and payment details, for the sake of convenient services. The revolutionary move to open API banking, however, stands to benefit the clients, merchants, and financial institutions. Some of the major underpinnings driving towards the move include instant payments and fast, effortless transactions.

One of the most radical technologies in modern-day digital and convenient banking is the Payment Services Directive 2 (PSD2). It advances the original Directive of Payment Services. Taking on this directive means that the bank has to allow third-party financial providers access to crucial information like client data, banking products, payment infrastructure, and interest rates through open APIs. All banking stakeholders stand to benefit. For the bank, PSD2 comes with new partnerships and services that stream in more revenue. It also brings about the potential for commercial growth, especially through retail banking and the bank can widely extend its roles to various commercial sectors.

The technological innovation brought about by PSD2 enables customers, including merchants and consumers, access to banking services via APIs. Transactions and payments are instant. It supports further innovation by fintech companies like Netclearance which enables them to offer diverse payment services and options at a low-cost and great convenience to traders and their customers. PSD2 in banks, for example, supports mobile payment technology such as the use of beacons. Netclearance’s mBeacon family has diverse mobile payment solutions such as the mBeaconPay and mBeaconSAM that offer new and innovative payment methods. Using mBeaconPay mobile wallets and PSD2 transactions empower retailers and service providers and their clients to cut transaction costs and time. With the bank involved, a merchant does not have to worry about developing a convenient payment option as mbeaconpay ensures the payment goes from the customer’s phone to the trader’s account. What's more, the payment is very secure.

Open API banking with PSD2 is a great convenience to all stakeholders involved, including the bank, third-party financial service providers, financial technology companies, traders and consumers. It is a solution worth the investment. For more information, contact us.

Proximity Payments Technology: The Next Step in Technological Evolution

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New technology usually doesn't evolve all on its own. Instead, it arises as a result of advancement in a different, but related, type of tech. Proximity payments, for example, have come about because smart phone technology has become ubiquitous. Before almost everyone carried a modern phone, it would have been useless.

Now that people are less likely to forget their phones than even their wallets, proximity payments have become the fastest-growing segment of mobile payment technology. All that customers need to do to pay this way is bring their cell phones close to proximity-detection sensors, so there is no need for them to carry cash, credit cards, or even ID. As long as they know the passwords to their mobile wallets or other proximity payment accounts, they're all set.

This level of convenience is what has changed proximity payments from being mere curiosities to a well-accepted new way to pay for things in physical stores. In fact, customers in many areas prefer them since there is no need to carry anything else. This reduces the risk of theft, reduces the risk of card reader fraud, eliminates the chance of forgetting to take their money, and speeds checkout. Therefore, it's a very good idea to add proximity payments technology to your payment acceptance system as soon as possible.

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Our mBeaconPay proximity payment solution is perfect for established retailers who want to upgrade without the need for a major investment. It integrates with existing payment systems to add proximity payment capabilities, can work with proprietary mobile wallet systems, and more. To learn more about it and other Netclearance payments solutions, just contact us. We'll be glad to demystify the latest advances in payment processing and help you get on board.

Decentralization of Payments - The Benefits of Blockchain for Merchants and Consumers

                                     Netclearance mBeaconSAM for Payment Terminals

                                     Netclearance mBeaconSAM for Payment Terminals

Blockchain technology has created a new type of Internet (The Internet of Money), allowing the circulation without duplication of digital information. In its simplest form, the system builds data blocks, on average ten minutes in duration, each block recording a set of recent transactions. Blocks of verified transaction data become nodes in the ledger which then get added to the end of the chain and become a permanent and unalterable part of the blockchain database.

The Blockchain Ledger is a digital public ledger, a decentralized network facilitating and verifying transactions, and stands as incorruptible proof of all activities on the system. All participants in the network have access to the shared data (albeit anonymously) and can view transactions, but the decentralized network ensures record and digital asset security, leaving no individual weak spot in the system to exploit, to alter or steal information.

The decentralized system means that data is not under the control of any one entity, no bank, card scheme or tech company with control of the entire system, thus opening the doors to circumventing the centralized system that exists today. What's revolutionary about this, is that the underlying technology allows the encrypted accumulation and transfer of any data, thing, or digital assets including the exchange of value via payment transactions between two parties using a public and private (secret identity) key pair. Blockchain technology can record any transaction with value, including financial ones, making it ideal for digital currencies and assets' exchange.

Alternative mobile payments technology paves the way for decentralizing payments at the point of transaction hence leaving no room for intermediaries that could interfere in the asset transfer and leveraging the incorruptible self-governed nature of the blockchain ledger. By using smart wireless proximity technology based on Bluetooth LE (BLE) with Blockchain-grade encryption merchants and consumers could conduct secure decentralized transactions which can lead to increased profits and faster transactions.

Netclearance's next generation mBeaconSAM and mBeaconVault are one of the many form factors that offer a compelling proposition, with several key benefits, for merchants and fintech providers looking for decentralized payments. Thus making transactions more efficient and affordable without costly upgrades to the existing payments infrastructure. It can live outside the walled gardens of Google and Apple or centralized middle-men creating a completely new ecosystem of value without the traditional fees associated in a multi-party centralized model of gatekeepers and tollbooths.

                                  Netclearance mBeaconVault - Blockchain mPOS/mWallet

                                  Netclearance mBeaconVault - Blockchain mPOS/mWallet

Netclearance easy to use APIs and small form factors, based on blockchain-compatible wireless proximity technology removes the need to rely on a financial institution, merchant processor or any other third-party to handle digital payments. Netclearance technology allows merchants to accept crypto-currencies or tokens as payments, digital cash, coupons, account to account transactions (i.e. PSD2) at a minimal cost compared with others. Alternative mobile payments can help merchants grow revenues, improve margins, and manage businesses more efficiently.

To learn more about decentralized mobile payments solutions and how you can take advantage of this trend contact us today.

How PSD2 is Improving Access to Mobile Payment Technology

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Mobile payment technology is already making inroads into major stores in the United States, and this is bringing benefits to customers, merchants, and banks. It is expected to boom even more over the next several years, so it's a good idea for both stores and financial institutions to get in on it now. This will position them as leaders in their fields and allow them to gain a strong foothold before their competition is all in on the change.

What is Driving this Growth?

Surprisingly, the driving factor behind mobile payments isn't the simple advance of technology. It's the release of the new PSD2 guidelines in Europe. These guidelines govern how banks and other financial institutions that do business in Europe must behave. The relevant section mandates that these companies must open up access to their services via API systems. Such systems allow merchants, other banks, and similar companies to set up their own payment systems instead of using credit card clearinghouses. They also make it easier for new financial technology companies to offer both hardware and software to support mobile payment processing.

How Can My Company Benefit?

Getting in on the change is as easy as setting up a mobile payment system or terminal. Here at Netclearance, we can provide you with everything you need to run your own white label private mobile payment processing system. If you'd rather hook into one run by a local bank, our mBeaconPay hardware will make it simple to integrate this option with your existing payment terminal. Either way, you'll gain access to more customers and they'll love the convenience.

How Proximity Payments Technology is Helping Stores Increase Sales

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People are all about convenience, especially when it comes to payments. This is the main reason that proximity payments, which are generally made by bringing a cell phone near some type of payment beacon, are taking off across the retail world. With these systems, customers don't have to bring either cash or credit cards with them to shop. Instead, all they need is their cell phones and the appropriate app for making their payments.

With these things in mind, it's no wonder that RetailDIVE reported that in-store proximity payments are taking off. They were projected to be the fastest-growing segment of the mobile payments industry, with 137 percent annual compound growth expected. At the time of their report, the biggest growth was expected to happen in 2014 and 2015. That projection turned out to be off by just a couple of years, with even more growth actually seen in 2016 and continuing now. Now, big stores like Walmart have expanded their accepted payment methods, and in retail, a giant's entry into a new technology soon pulls other stores along.

How to Get In on the Proximity Payment Boom

Your customers will soon demand more payment options if they aren't already doing so. Fortunately, it's easy to expand your register capability to accept proximity payments. Our payment beacons and mobile wallet systems are simple to integrate with your existing systems. We can also create a white label mobile banking app or e-wallet system to allow your customers to hook up with your new payment system. Just contact us for a consultation. Once we learn about your specific needs, we can design and implement a solution that combines hardware and software to address them perfectly.

How Mobile Payments Benefit from PSD2

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The Payment Services Directive 2 (PSD2) will have an important impact on banks that they all have to be aware of. This regulation is rapidly coming into effect and will change the way banks operate by requiring open access via APIs. It will also allow fintech payment firms to reduce transaction costs and lower their prices.

The requirement to allow interaction through APIs will have a major impact on the market. In particular, it will allow direct interaction between consumer and merchant via one third party app. This radically reduces the steps required to make a payment with bank issued cards. Those cards need to 

Instead, consumers can have accounts with payment providers including behemoths such as Google, Apple, Facebook and Amazon. These firms have payment systems where the user can directly build up credit and accounts. They can instantly pay merchants online or in person rather than waiting for approval through a credit card or debit card system.

Of course, that reduces the number of intermediaries as well as the costs involved in payments. Additionally, the PSD2 is expected to incentivize new entrants to the payments market who will provide innovative solutions that have yet to be conceived. The lower barrier to entry will hopefully allow more consumer friendly services to infiltrate the market.

For example, mBeaconPay is a new service that directly interacts with bank APIs. It provides a number of convenient services to consumers to allow payment tracking and instant, frictionless payments. Merchants love it because there are no long waits for approval and lower costs for payment services. These type of services will rapidly take over the market.

PSD2 Rewrites The Rules on Mobile Payments

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Introduction to PSD2

This post PSD2 and impact on mobile payments is about the coming PSD2 and its impact on mobile payments across the European Union.  It will take effect on January 13, 2018.  It will, indeed, have a tremendous impact on how merchants process electronic payments using a banking card because it aims to make banks open access to their servers. 

Indeed, the new directive will affect the relatively new electronic mobile payment industry like nothing ever before it. As the article "PSD2-A Game-Changing Regulation" points out, virtually all new regulations since 2008 have focused on tightening the banks' business and operating models. Essentially, they are trying to avoid a situation like the world economic collapse that happened that year.  Also, they are endeavoring to win back the trust of their customers.  Certainly getting people to trust the banks enough with their money to securely use the banks to transact business--such as payment of rent and energy bills, and other such expenses--will be key to getting more people to use banks and more advanced systems of mobile payment.  Today these methods are not more widely used because of concerns about security.  For concerns still exist about Internet hacking.

Purpose of the New Rules

What the purpose of the new rules is, according to Tom Hay, is that it will "require banks around the European Union to open their infrastructure up to third-party financial service providers." What this means is that it will open such markets as Google, Apple, Facebook, and Amazon to introduce millions of Europeans to idea of using their bank accounts to pay bills. 

One of the main reasons these service providers will win, say proponents, is that this system will process and post payments faster.  For the faster a payment posts, the sooner the payer gets credit for paying the bill.  For indeed, a payment that takes almost forever to post is like one that has never happened. That is the whole reason that mobile payments, including payments made through a bank, have become an idea to begin with.  Neither the company nor the consumer feel they should have to wait.

Consequences

Because of all these changes, the consumer wins because payment service companies will be able to offer their services at a lower rate.  This reduction in transaction costs will attract more consumers who do not want to continue to pay bills the old way.  Also, as payment companies continue to address security concerns, this will also attract people who otherwise would not use this method of payment. In addition, more merchants will accept this method of payment.  Indeed, watch for changes in the way merchants accept payments the more secure they become.

Netclearance's line of products aims to meet the need for increased electronic ways to fulfill financial obligations that will be timely and secure as technology continues to change and we continue move away from the old way of presenting our utility companies and landlords with cash and traditional cards.

Enable Contextual Paymets at the POS with mBeaconSAM

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Thanks to mBeaconSAM, there is no need to replace your expensive POS equipment to integrate the latest mobile wallet technology at your cash registers. This new product uses an open interface to allow transactions with smartphones and other mobile devices via Bluetooth Low Energy (BLE) technology. Using this method avoids the "walled garden" systems set up by mobile device manufacturers, so every modern device will work with this product.

There is no need to worry about security with the Netclearance mBeaconSAM upgrade, either. It uses bank-grade encryption to ensure that the information cannot be sniffed and decoded during the transaction.

With this development, it is now much easier to catch the latest wave in transaction innovation. You'll be able to offer branded mobile wallet service, partner with local banks to be one of the participating merchants in their services, and more. In fact, you can accept multiple mobile wallet options so that your customers have an even wider variety of ways to pay.

It has long been known that you'll have a larger pool of potential customers if you accept multiple payment methods. In communities where people usually don't use credit cards and shy away from bank accounts, the ability to take alternative non-cash payments is even more important. Your customers will appreciate your mobile wallet system since almost everyone does have a smart phone, regardless of their preferences for handling transactions.

Netclearance makes it easy to set up all aspects of a branded mobile wallet system or to integrate with a local bank's offering. With the arrival of mBeaconSAM, it just got easier on your own wallet as well. Just give us a call to learn how it all works together and get started on your custom solution today.

The Global Impact of PSD2 on Mobile Payments

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While events in Europe often seem remote to American businesses, one new piece of European legislation is definitely of global interest. It is known as PSD2, and regulates financial institutions that do business there. Since many such institutions operate internationally, this makes it so that the new framework affects pretty much every large financial company.

For this discussion, the relevant part of PSD2 is the aspect that mandates that financial institutions make key information available via API interface. Obeying this regulation will require the development of the necessary backend technology, and as you might imagine, financial companies will be looking to get the most ROI (return on investment) possible from the money they put into this. The easiest way for them to do that is for them to roll out the new development to all of their locations - including those outside of Europe.

This will make it much easier for retailers, service providers, and others to find banks and similar institutions that can work with their mobile wallet systems. It will also lead to many institutions offering mobile wallets of their own.

Netclearance's hardware, software, and other technology will make it easy for companies to realize the full benefit of PSD2's impact on mobile payments. For stores and service providers, the tools of the mBeacon family of hardware offerings will serve perfectly. They allow for the simple integration of mobile wallet readers with POS equipment so that customers can easily pay using the new methods. Banks and similar institutions will be interested in Netclearance's white label mobile wallet software solutions and related support. By using one of these solutions, financial institutions can avoid the cost and hassle of developing their own and still offer mobile wallets to their customers.

With Netclearance can bring PSD2 based transactions at the POS.  Contact us to learn more

Cryptocurrencies in Retail: Why Should You Accept Bitcoin?

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If you keep up with what's occurring in cryptocurrencies, then you know a lot about bitcoin, now in existence for eight years. Even though you've seen bitcoin sanctioned by major corporations and some of your business competitors, you've maybe held off using it in your retail store.

One reason behind your decision is probably because of how unregulated bitcoin is. While true, the benefits are starting to outweigh some of the negatives over the last few years.

Bitcoin has also been challenging to use in retail without proper technology. With quality mobile beacon technology, you can start to use it this summer.

No Worries About Fees

One of the main attractive aspects to bitcoin is the fact that you have little to no fees involved as you do with ordinary payment methods. Since it doesn't require a bank to verify transactions, you're already saving money for your business.

Adding beacon technology to integrate seamlessly with your retail cash registers lets people use this through mobile devices to avoid using credit cards.

For cash flow savings, it's ideal since merchant transaction fees are often 2%-3%.

Obtaining or Sending Money Quickly

Using bitcoin also allows you to receive your money immediately without lags. No more having to worry about slow intermediaries or waiting to get money from credit.

If you're already experiencing cash flow issues, you'll be able to receive money in your account immediately to keep your head above water.

When you make your payment system easier for customers with beacon technology, it becomes a symbiotic payment process.

Keep in mind payments to other countries are also easy and fast with bitcoin.

A Good Investment

Considering bitcoin value continues to rise, it's a good way to cash in when the value price rises. In this regard, you could make a bigger profit when you cash in your bitcoin later once the value takes a major uptick.

As of this writing, it's valued at over $4,000  and showing huge indefinite growth.

At Netclearance, we offer our mBeaconPay platform, allowing you to easily accept bitcoin with your payment system. Now you can move into the future while accommodating customers you've lost because you couldn't use this cryptocurrency in the past.

mBeaconSAM: The Era of Contextual Payments is Here

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The mBeaconSAM is a smart card that one can install on existing credit card readers to enable its holders to accept mobile payments and offer other value added services that use BLE, according to Netclearance.   mBeaconSAM enables IoT payments at POS.

Why Should I Trust It?

There is the built-in ECDSA bank-level encryption (same security scheme used in the Bitcoin blockchain ledger) at the card level that protects your identity and data while you attempt to pay for a purchase.  In fact, some may say that security is one of the top ten reasons that consumers prefer to continue using the old ways of buying goods and services. Indeed, trust is a gigantic issue.  Netclearance endeavors to change this, for merchants and consumers alike.

Contextual Payments

And according to "LOT Enabled Payments" the advantages do not end there. The Bluetooth chip in a mBeaconSAM allows companies to acquire data that give information about a consumer's shopping habits that could easily lead to changes on how companies market their products which, in turn, could lead to more customers, and, therefore, more targeted sales.  A company such as Netclearance, for example, could use such data to make mobile wallets more marketable, which, in fact, goes along with its vision of making mobile wallets more "marketable and safe,"as the article points out.

There is no further dependency on the walled schemes like ApplePay or Android Pay to accept payments from smartphones or other wearable devices. It is not limited to current technology.  This results in quick payments at point of sale purchases, whether on IBI, Android or Bluetooth devices, according to PYMTS.com. 

mBeaconSAM is just one of a number of new technologies that the company is offering as it prepares to bring faster and secure mobile payment solutions into the 21st century as people seek more efficient ways to pay for goods and services.

Impact of the PSD2 Directive on Mobile Payments

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The Revised Payment Service Directive, set to begin commission in the year 2018, breaks the monopoly that banks have over their customer information and payment details, significantly changing the face of retail banking.

The directive simply invites third parties to manage the finances of consumers and businesses by accessing their account information and payment details in bank files. Furthermore, the directive requires banks to provide these third- party financial managers full access to their costumer's account information through open application program interfaces. In the future managing, your finances could be a mere click away. This directive affects two major facets of individuals: the consumer and the stakeholders in the retail industry.

The PSD2 directive will make banks incur costs during the implementation of this directive. The costs include IT costs of expansion and installation of API systems. Third-party financial providers will access customer information through API systems that banks need to incorporate into their operations to streamline processes. Furthermore, additional IT personnel and new staff training are paramount during this transition.

On the contrary, the directive encourages banks to modernize and couple their operations with technology. Banks will extend an olive branch to fin-tech companies who have the expertise to implement API systems that are pivotal for mobile payment platforms. This merger will introduce simpler and better mobile payment platforms.

The PSD2 directive will lead to customer centricity. As banks struggle to break even and compete for customers, they will align their strategies to capture and maintain consumers. Customer centricity translates to better and more products and services for the client. Moreover, fintech companies (financial technology companies) offer payment services at a lower cost, and thus this reduces costs for a consumer. Mobile Payment Technology such as mBeaconPay provides new payment methods that will greatly benefit consumers and merchants.

The PSD2 directive truly opens doors for fintech companies and secondary financial service providers.

Financial Inclusion through Mobile Wallets

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Retailers have been joining the mobile wallet craze for a while now. This technology allows them to set up in-house payment systems, reward programs, and more. However, banks and other financial institutions can benefit from introducing mobile wallets as much, or even more, than stores.

A bank or credit union that offers a mobile wallet option can easily gain more customers. One good strategy is to set up affiliations with local stores so that the bank's wallet can be used throughout the financial institution's service areas. This makes the wallet more attractive to customers, and combined with other benefits, can get people to sign up at the bank just to gain access to this service. Of course, the institution then has a chance to upsell its other offerings, such as savings and checking accounts.

Mobile wallets also allow financial institutions to serve those who ordinarily wouldn't get bank accounts. Some people just don't trust the regular banking system, while others have financial histories that disqualify them from getting regular accounts. Offering mobile wallets bypasses both problems. Customers put their own money into their mobile wallet accounts, and since these wallets only work with available funds, there is no need for customers to worry about overdrafts. The lack of overdraft potential also protects financial institutions since there is no risk of being stuck with bad checks to cover.

Thanks to Netclearance, it's easy for financial institutions to set up their own white-label mobile wallet offerings. The company offers a combination of technologies and services dedicated to mobile payment systems, so you'll be able to get your bank, credit union, or other institution's mobile wallet running in no time.

FI's Mobile Payment Strategies: The Next Step for Third Party Mobile Wallets

Only a few years ago financial institutions found themselves shuttling their mobile services, if they had any at all, to third party vendors. Third party payment apps offered what users originally wanted, quick ways to pay both online and in-store. Mobile payments made it possible to access funds with one or two clicks. Linking a bank account or debit card to a third party was easy and instantaneous. But technology and needs mature and what was once a simple solution is now too simple. Users want additional services and have higher expectations, in other words, users are looking to their banks and credit unions.

Increasing Services and Evolving Needs

Users began to see mobile payment options like PayPal or Android Pay as their financial institution and their bank became a distant redistributor of funds. To counter this, financial institutions must develop their own mobile payment systems but many users were already entrenched in third party applications. That trend is reversing.

As mobile users mature in both experience and in age, user needs have extended beyond quick transactions. Users are now looking for micro-credit options, mortgages and services that are best provided by their bank or other financial institution. Instead of relying on third-party payment apps, users are looking for third party solutions that align closely with their banking institution's services. Although third party payment systems are now offering credit and aligning with institutions like Citibank and Chase, users who have no desire to switch banking institutions find themselves drawing closer to their trusted institutions. 

Providing users with secure and extended services via mobile is essential for financial institutions to remain competitive. Choosing a third party provider that works in concert with your institution's services and patrons allows your institution to own the customer experience. Netclearance's mobile payment solutions can integrate seamlessly with your banking infrastructure to offer your own branded mobile payment solution. Contact us to learn more

Enabling IoT Payments at POS: Capturing the Wearables Market

Have you taken a look at recent statistics on how many people use wearables to do various tasks? For payments, perhaps you've shoved the wearables market in a corner thinking it's still too niche. In truth, statistics show we'll see 830 million wearable devices in use by 2020.

While most people use wearables to find information or track data, they're already being used as a way to do e-commerce. Mobile has certainly made inroads in payment systems. With mBeacons, this can branch out further.

At Netclearance, our mBeaconSAM enables IoT payments at POS to corner the growing wearables demographic.

The Advantage to Enabling Payments On Wearable Devices

Despite it still being a growing market, wearables allow your customers to take part in proximity marketing or payments when they visit your store in-person. Our mBeaconSAM expands on this because it uses a mini smart card you can install in your existing card reader terminals.

Allowing this helps integrate all of today's popular mobile wallets so customers can pay for things faster. It all centers around Bluetooth Low Energy technology, something allowing you to work outside NFC technology used by major tech companies.

BLE was also designed specifically for The Internet of Things, which we're seeing integrate quickly with mobile devices.

Capturing Customers On Their Wearables

When using mBeaconSAM, you can use proximity marketing to your benefit on wearables. Anyone in your store can receive alerts on their wearable device, which alerts them to sales happening nearby.

At the same time, they can quickly shop for an item in your store and buy it on their mobile device without having to go through checkout.

As you can see, this truly revolutionizes the way people shop and prevents the old problem of lineups in your checkout lines.

Assuring Your Customers on Security

Once you start using mBeaconSAM, you'll prove to customers you have top-tier security in place to make all payments secure. With a crypto-engine and secure memory for starters, customers won't have to worry about data being compromised.

Since security is always a concern with mobile users, you want those with wearables to feel equally assured. A highlight is secure customer identity verification so you can gain assurance the customers paying are real rather than imposters.

It's time to think about what you can do to tap into the wearables market. The mBeaconSAM moves you away from the old-guard NFC systems and gives you something ready for the coming decade when mobile payments become the norm.

Visit us at Netclearance to learn more about the mBeaconSAM card and how it works with all mobile technology.

Key Advantages of Accepting Cryptocurrencies in Retail

As you work to establish your retail digital currency acceptance strategy, you've likely heard about cryptocurrencies. Many businesses are currently deciding whether or not to support the nascent concept, and what it means for their business in the long run.

To help you decide whether you should or can support cryptocurrency, here are four basic facts every ecommerce business owner should know:

  • Cryptocurrency is a peer-to-peer, private alternative to state-supported currencies. People use cryptocurrencies for various reasons, primarily privacy and owning currency that is disconnected from the market situation in a given state.
  • Bitcoin is the only cryptocurrency in relatively widespread use. While there are over 900 cryptocurrencies in some form of active use, Bitcoin is the original and still by far the largest of them all. Most are boutique currencies for bitcoin afficionados to experiment with new concepts. Somewhere between 2.8 and 5.9 million people own some amount of Bitcoin.
  • Bitcoin ownership is relatively large, but the amount of retail choices to spend it is low. The peer-to-peer Bitcoin wallet system is particularly unique, which has caused slow adoption in the retail space. The currency is largely used for personal transactions, alongside a smaller number of forward-thinking retailers that have the infrastructure to support Bitcoin wallets.
  • Bitcoin integration is now easily accessible for retail acceptance. Netclearance mBeaconPay provides the secure infrastructure for retail cash registers to accept Bitcoin payments, opening up another opportunity to attract customers with Bitcoin digital wallets to physical retail spaces.

Now established since 2009, Bitcoin is rising in popularity. Retailers that support Bitcoin attract customers often on the virtue of simply accepting the currency at all. Netclearance mBeaconPay is a straightforward way to tap into this nascent consumer base and build a retail brand with forward-thinking associations.

Benefits Of Using IoT Technology At The PoS

The use of Internet of Things (IoT) technologies at the point of sale (POS) has recently taken the market by storm, with the number of users using IoT for payments expected to rise to 4 billion by the year 2020. Usually, payments at the point of sale involves a merchant calculating the amount owed by the customer and generating an invoice for the transaction. However, our new BLE 5.0 mBeaconSAM payments beacon has come to revolutionize payments at POS with its efficiency that include crypto processor, IoT sensors, and Bluetooth LE capabilities that make payments a seamless process.     

Increased flexibility in payments    

Our BLE 5.0 SIM-sized card enhances flexibility of payments by allowing merchants to use their card readers to operate the product. The small smart card can fit and run on different card readers, hence merchants do not have to buy other card readers to work with mBeaconSAM. The method also increases check out speeds since it takes lesser time to process mobile payments than credit cards.    

Reduced transaction costs    

The products enable the use of mobile payments over the internet. By use of mobile payments, customers can save up on transaction costs incurred when you use credit cards for payments. Since many payments options structure their fees differently, mobile payments are the most cost-effective.    

Enhanced payments history analytics    

The card stores data and can efficiently run customized software applications. With the large on-board memory, the card can store a customer’s transaction history and can  retrieve it if a customer needs it as a proof of transaction in the future.    

Increased customer interactions    

The Bluetooth capability enables tracking systems and is compatible with Bluetooth compliant smartphones and other popular beacon profiles. The tracking system could lead to increased interactions on platforms like iBeacon or Eddystone and other mobile applications right at the point of sale (PoS). 

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Financial Institutions Mobile Wallet Strategies: Bringing Convenience to Bank Customers

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In the world of finances, customers demand more and more convenience in a time when lives continue to become busier. Most of this centers on mobile technology, particularly mobile wallet strategies. If your financial institution hasn't looked into the possibilities of using mobile wallet practices, it's time to think about the convenience for your clients.

The key is to use enabling technologies to make your own mobile wallets work successfully. Using mBeacons are the best source technologies to make this happen so you prevent lags in financial transactions.

Beyond these benefits, what can you do to promote the strongest attributes to customers?

Bringing Valued-Added Services

If you're going to bring some strategy to mobile wallets, keep this in mind: The more value you add, the better. This is what it's really all about over brand names and whether your bank has the best interest rates.

Keep the customer in mind and what it can do for them. It may require some marketing explanations before you start offering a mobile wallet.

How can you best describe the convenience it brings to the client so they fully understand what's available?

Creating a Peer-to-Peer System for Financial Transactions

With the proper technologies, mobile wallets provide a peer-to-peer network that enables easy financial transfers. While this is going to become attractive to your clients, also consider promoting how mobile wallets offer cross-border remittance.

Since many people want to continue to do their banking the same way when they travel, offering convenience across borders only adds to the appeal.

Real-Time Financial Management

A lot of technologies now tout real-time tools enabling more immediacy rather than second-guessing. Clients want to keep up on their finances live from one source rather than have to wait for digital (or paper) statements.

Applying the use of mBeacons allows this to occur in a more immediate way without worrying about technological downtime.

Identity Management

With security being top-of-mind in all financial institutions, you should also promote how mobile wallets help in digital identity management. It can become easier to identify the user behind any transaction, particularly when it's peer-to-peer.

Clients also appreciate being able to manage their own identities to prevent their information from being stolen or altered.

At Netclearance, we offer numerous solutions to bring mobile wallet to your business. Visit us to find out more about our payments acceptance technology and how these can work to create a multitude of proximity applications.