Devices, devices everywhere – the growing challenge of terminal management
As merchants grow in size, the number of devices needed to power payments across the enterprise inevitably increases. And, with the growth of omni-channel retailing, the store is fast becoming home to an array of different payment device types, as merchants strive to meet the demand for customer service innovation.
So, with ePos machines, Chip and PIN terminals, mPos capabilities, in store-tablets, kiosks and warehouse hardware to keep track of, how do today’s tech-savvy merchants efficiently manage their payments assets, while also meeting their reporting and compliance obligations?
Flexibility and efficiency – can you have both?
Many leading card terminal providers and payment processors offer solutions to help merchants manage their equipment– to track and manage terminals, diagnose technical problems, and support performance reporting. That’s great - but what about a merchant that maintains terminal devices from different suppliers, or uses different payment processors to meet the individual needs of each business site or initiative? Not so straightforward.
The obvious choices are either to report this information manually, use multiple management tools, or build an in-house solution – and these options can be resource-hungry, difficult to maintain, and expensive. With compliance burdens around the ‘chain of custody’ and the increased size, complexity and mobility of devices, these methods often fall short, causing many merchants to be in remediation of their record-keeping systems. Maintaining an audit trail and being able to prove ‘chain of custody’ over the entire estate ensures a securely managed device network. Lack of a complete estate management solution could therefore impact a merchant’s PCI scope reduction for their stores, leading to increased compliance costs.
One tool to rule them all
The most efficient solution for managing devices across a retail enterprise has to be a device-agnostic approach – one that gives flexibility, control and choice back to merchants. An estate management tool that supports multiple device types and terminal manufacturers empowers retailers to easily monitor, manage and report on any device, anytime and anywhere. Merchants are no longer hindered by multiple on- and off-line terminal management tools for internal reporting and external compliance demands.
As omni-channel demands rise and merchants seek to streamline processes and improve visibility and control, a single application that helps them view, track and manage all their devices in one place can create significant efficiencies, leaving internal teams free to concentrate on core business activities.
ACI recently introduced the ACI Estate Management solution, to assist merchants in managing the growing numbers and types of payments devices. This comprehensive, device-agnostic solution allows retailers to track and report on any device within their organization, while taking advantage of the wide range of integration and configuration options available.
Related blog posts
Learning Lessons From Large Scale Breaches
At this point, there’s no ignoring it: our financial security is compromised daily. And no doubt, many reading this wouldn’t hesitate to recount all the breaches they have been a part of as consumers; merchant breaches in which replacement cards forced you to update your linked accounts, or data compromises where personal information was stolen and identity theft protection was provided, forcing you to consider freezing new credit originations.
What Australia’s $639m CNP Fraud Problem Means for Retailers
In my role at ACI Worldwide, my fellow fraud consultants and I constantly share information from all corners of the globe. One recent bit of intelligence that immediately caught my eye, and I shared with colleagues across the world, was the staggering cost of card-not-present (CNP) fraud here in Australia.
CNP fraud accounts for 78% of all payments-related fraud in Australia. And to say it is a challenge for retailers—and the industry as a whole—is a vast understatement. With the astounding growth in eCommerce sales, this is not a problem in decline; it is rising aggressively and shows no signs of abating.
PSD2 Carries Over to the U.S. – Thanks to the Phone in Your Hand
Let me ask you a favor. Could you put down your phone for just a minute? Unless, of course, you’re reading this on your mobile device.
It can be an uphill battle asking someone to put down their phone these days. I have a tween, so I know the struggle! One of the reasons we’re so reticent to do so is the sheer power contained within these devices. At this point, it controls the music, the temperature, the locks and even the lighting in your home, and that’s not even touching on its entertainment value, or its capabilities as a payment device. The device, in its present form, has been around for ten years now, and in 2017, it’s safe to say there’s no going back.
Filtering the Fraudster
In our new Insight Paper, we focus on how merchants can build an effective fraud filter for their sales funnel – one that is not over-restrictive, leads to genuine sales being accepted, and prevents genuine fraud. Get the balance right and merchants stand to improve their checkout conversion rates and boost their bottom line.
Stop Fraud… Or Increase Conversion Rates? With a Fine-Tuned Fraud Engine, Merchants Can Do Both
Preventing fraud and driving high conversion rates are universally important objectives for merchants – but many struggle to adequately balance these two demands. They either employ aggressive fraud prevention strategies to minimize fraud losses, or conversely, reduce checks in order to prevent false positives, improve customer experience and ensure sales targets are met. Neither exclusive approach works in the long run; focusing on only one will prove costly on multiple fronts.
ETA TRANSACT: Time To Break Out… And Cross Borders To Reach New Customers
It’s before lunch on day one of ETA Transact17 in Las Vegas; exhibitors are still putting the finishing touches on their stands in the main hall, so it’s the perfect opportunity to sit in on some of the breakout sessions, part of the educational program put on by the Electronic Transactions Association. And ‘breakout session’ seems particularly apt in this case, as panelists from ACI Worldwide, Planet Payment, and arvato launch into a discussion on how merchants and payment providers can ‘break out’ of their domestic markets and take advantage of the huge opportunity in cross-border eCommerce.
Rise Of The Machine Learning and Fraud Prevention
Machine learning, as a sub-discipline within computer science, is primarily concerned with the discovery of patterns in data through algorithms that can learn from and make predictions on that data. These algorithms operate by building a model based on example inputs, which can then make data-driven predictions or decisions. So what, exactly, does this have to do with beating fraud in the real world?
How Fraudulent Are Singapore-issued Cards?
While eCommerce continues to bloom globally, it is still outpaced by growth in total fraud losses. In 2015, total losses from card fraud increased by 19 percent over the previous year, while the overall card transaction volume grew by only 15 percent. But what’s the picture at the local level? Specifically, are Singapore-issued credit cards–in a domestic market that has strict laws and financial regulation–spared from this exposure and risk?
Peak Trading Is About More Than Black Friday And Cyber Monday
Many merchants will have now experienced their biggest single trading day of the year, either Black Friday or Cyber Monday, and alongside these peak trading days have focused their efforts on effective fraud managements and delivering a seamless and secure checkout experience. However, this is not universally the peak for all merchants.
Six Steps To Optimizing Fraud Management During Peak Trading
A well planned and thought out fraud management strategy can increase revenue by more than 20 percent, so with the holiday shopping season – including traditional peak days Black Friday and Cyber Monday – we encourage merchants to consider the following practical steps in order to maximize their success.