The Evolution of the Payment Processor Industry

  • Phone Verification, Fraud Prevention

Payment processors need to be safeguarded especially while customers are still adapting to mobile payment systems
The press surrounding mobile payment systems suggests that the service is going mainstream. From Apple Pay to Android Pay and Samsung Pay, what is it going to take to cut plastic out of the payment market? This question is even more relevant with companies like Starbucks announcing that it will accept Apple Pay. This means a latte in the payment market where the convenience can be as simple as getting a person’s coffee quicker while utilizing more secure forms of payment. However, the Time.com article, “Mobile Payments Showdown: Apple Pay vs. Android Pay vs. Samsung Pay points out that the lack of a universal mobile payment system is creating a barrier in making mobile payments more widely accepted and used.  

 

In the existing types of mobile payment systems, the customers must have the cell phone type or operating system to use the service.  This narrows the customer base down to the people that have the equipment and then people who are interested in using mobile payments. Customers are slowly adapting to mobile payment systems, but in the meantime, businesses must take sole responsibility in protecting their data and information. 

There are a lot of risks in storing data with cyber criminals trying to achieve everything from identity fraud to data breaches and compromising systems. In order to achieve the highest level of security for customers, EVS offers a suite of tools that focus on payment processors. The tools safeguard processing transactions, transferring funds, confirming delivery locations and more.

Three EVS tools that can be helpful for businesses regarding processing payments include:

Consumer Data-Match Profiling, which provides a risk profile of customers, speeds up transactions and prevents fraudulent transactions.

Identity Card Verification, which uses premium data sources to verify a person’s identity that may be needed for confirming international travel, processing international transactions and transferring international funds.

SSN Verification is an essential tool that verifies data through matching a customer’s name, address, phone number and more to their SSN file. Companies can shorten the verification time, perform due diligence and avoid high-risk transactions with this product. 

As the popularity of mobile payment systems increase, customers can benefit from the added value of additional security. Until mobile payment become mainstream it is essential for businesses to protect consumer data. Once mobile payment systems gain more popularity, businesses can then utilize mobile payment systems with existing payment practices to ensure the most secure experience for customers.