Mobile payment solution offered

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Mobile payment solution offered

Fiserv Inc., unveiled SpotPay, a mobile card reader solution for financial institutions to offer to their small business customers that enables merchants to accept card and check payments anywhere, anytime.

Using SpotPay, merchants will be able to swipe credit and debit cards with their mobile device to accept payments. SpotPay offers merchants the ability to deposit checks using the mobile remote deposit capture feature from Fiserv that allows users to securely take a picture of the front and back of a check and deposit the item electronically.

SpotPay from Fiserv is now available to financial institutions that are part of the ACCEL/Exchange payments network. Those financial institutions will be able to offer the solution to their small business and merchant customers as a way to provide them with a secure, convenient, and low-cost solution to collect credit and debit card payments as well as to remotely deposit checks.

"The ability to pay anyone, anytime, anywhere is revolutionizing commerce as we know it," says David Keenan, general manager, Network Solutions, Fiserv. "Financial institutions are an integral part of this revolution, as they are in a unique and trusted position to ensure the safety and security of these transactions."

According to a March 2012 survey conducted on behalf of Fiserv by Phoenix Marketing International, 30% of surveyed small businesses that have under $1 million in annual sales indicated that they would like to use their smartphone or tablet to receive and process debit or credit card payments from their customers if the service were available.

[This article was posted on September 25, 2012, on the website of ABA Banking Journal, www.ababj.com.]

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