REVONU POS is making a huge impact on the POS community, and to talk about why, we asked Julie Nelson, owner of Julie’s Treasures in Minnesota, a retail consignment store, what she thinks about her new REVONU POS system and COCARD.
Julie: COCARD was recommended to me by the previous owner.
Julie: REVONU has made a positive difference! After getting REVONU, it has been easier to keep track of sales as it can sometimes be difficult to keep track of consignors. We also have two different shipping services that are out of the office, so we rely on REVONU to keep those organized. It is very important that we keep track of who we are selling to and who to pay!
Julie: Honestly, I haven’t encountered any issues!
Julie: My favorite aspects are the sales tracking and the back office management options as well has being able to get support for REVONU and my merchant services account in one place with one call!
COCARD: Thank you Julie for taking the time to speak with us today!
Is REVONU POS right for your business? Give us a call to set up a demo, we love to show it off! 800-318-1819
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Do you have any burning questions? Not feeling like picking up the phone? Would you like some more information about credit card processing, POS systems or have a question about your merchant account with COCARD? Then chat away!
Look in the right hand corner of your screen right now, click on the blue box and one of our fanatical support members will answer any questions you may have, so don’t hesitate to chat us! Hope to talk to you soon!Read MoreRead More
Like any new technology, mobile payments might seem a bit complicated. Don’t worry, we’re covering what you need to know about the latest mobile payment technologies— without all the technical jargon.
How do mobile payments work?
Apple Pay and Android Pay
Apple and Android Pay rely on NFC technology. NFC stands for “Near Field Communication,” as in the phone and terminal must be near each other to work. Both the phone and the terminal must have NFC chips.
Samsung Pay is different than Apple and Android pay because it involves MST technology. MST stands for “Magnetic Secure Transmission” and interacts with a terminal just like the magnetic strip on your card.
Both of these technologies allow your phone to internally store your payment info and to communicate with a terminal in order to authorize the transaction.
Are mobile payment technologies safe?
Yes. In general, today’s mobile payments are secure. Your card information is encrypted in your phone to combat fraudsters. Essentially, your phone holds a virtual card—a decoy that you use to make payments. Unlike a physical card, your financial information (i.e. your name and card number) is not directly used.
Here’s a few tips to make your mobile wallet even more secure:
Comparing Mobile Payment Apps
Apple and Android Pay are not yet widely accepted in stores due to the fact that this technology is relatively unknown to consumers.
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While COCARD’s REVONU POS is already well known for powering payments at restaurants, salons, and retail establishments, it also helps Holy Cross Monastery manage their gift shop inventory, payments and book sales.
Brother Scott: Our system is in the gift shop where we sell a mixture of books, religious gifts, candy bars and snacks.
Brother Scott: We have been working with COCARD for a while, primarily because the previous POS system we were using had recommended COCARD as a merchant services provider. Also, when EMV came about we were looking at how to accommodate that. We had the option to stay with a previous system or change to what COCARD was recommending. COCARD’s support had always been quite good so we felt confident in going with their recommendation, which was REVONU POS.
Brother Scott: The previous software we used had been minimally updated since the 90’s. So, now that we have been able to use the newer technology, particularly the cloud based software to access the back office from anywhere, our store has been running a lot smoother.
Brother Scott: Again, the newer technology and back office cloud integration is great! Also the staff in the store really like the ease of the touch- screen functions on the terminal.Read MoreRead More
With the liability shift here, we know that you’ve already got a lot on your plate. So we’re going to just take it easy and go over a few terms you may have already seen or will see as you continue to learn about EMV. This list can serve as a simple pocket reference during the transition. Print it out even, and refer to it as needed when reading your next article or blog post about EMV. We want the transition to be worry-free.
EMV: Short for Europay, Mastercard, and Visa, the developers of the card
Chip-enabled card: A credit card enabled with a microchip; also referred to as “chip and pin” or “chip and signature”, depending on the cardholder verification method
Fraud: the criminal use of a person’s credit card information to make unauthorized transactions
With the transition to EMV terminals, the US aims to decrease fraud. The US currently accounts for nearly half of all worldwide fraud. On a positive note, the EU has decreased card fraud by 80% since completing its transition to EMV cards, which means the US transition should be successful.
Liability shift: Starting October 1st the responsibility for fraudulent transactions switched to the party with the least EMV-capable technology
If fraud occurs with a non-EMV bank card, the bank is responsible. If fraud occurs as a result of a merchant’s POS system that can’t accept EMV-cards, the merchant is responsible. Only 20-30% of merchants are expected to use EMV-capable terminals by October 1st, with the remainder throughout the three to five-year transition period. So if you’re not there yet, don’t freak out. COCARD can work with you to determine a POS system that is right for your company’s needs.
Transaction authorization: When a chip card goes through rules set by the card-issuer to determine whether the transaction can be authorized; transactions can be authorized either online or offline
Card authentication: the process of making the card authentic or unique by providing a one-time code for the transaction
If someone does manage to actually steal this code and use it, the transaction would be declined since the code was already used.
Cardholder verification (CVM): how the issuer and merchant verify that the cardholder and the person with the card are one and the same. An EMV-terminal might require a pin, signature, or for low risk transactions, no verification method.
Mag-stripe card: Cards with a magnetic stripe on the back. Much of the world has already switched completely to EMV-cards, and the full-scale transition in the US is currently underway. Cardholder data on mag stripe cards is easy to steal using a simple card reading machine.
Cryptogram: A one-time code created during online authorization; a cryptogram validates that the chip and issuer are not counterfeit
That’s it. We hope that this glossary of terms is short and sweet, and that it provides simple definitions for terms that are often times used when discussing EMV.
And now that October 1st has come and gone we’re sure that your still standing strong. So don’t worry. Instead, continue to read up on EMV and take the information that is most valuable to you as a business owner. If you’ve got any questions, we at COCARD will be happy to assist. Feel free to give us a call at 800-317-1819.Read MoreRead More
Last week we introduced Chip and Terminal, who have a lot to say about EMV, mainly because they are the main components in EMV technology. So we were lucky enough to be able to book a slot on their busy schedule this fall season to interview them and ask them a few questions. Personally, we think they’d be great on Bravo, but they might have competition with a real housewife or two.
COCARD: Hi Chip. Hi Terminal. We’re so glad that we could ask you two a few questions about EMV. Really, we’re honored. Could you just start by telling us a little bit about yourselves?
Chip: Sure, well I’m Chip, and I’m the small chip that’s embedded in credit cards with EMV technology. Banks have already started transitioning to cards including yours truly, and plan on having all cards in the US utilizing EMV technology within five years.
Terminal: I’m Terminal, and all cards containing chips, will be dipped into terminals to be read. I like to say that I give new meaning to dipping the chip. I provide a one-time code to authenticate the card. Because of this, your data is protected, preventing a person from stealing a code that is only good for one transaction.
COCARD: So when did you first realize that you worked so well together, that you were a great team?
Terminal: I’ll take this one Chip. We’ve had a couple of countries really benefit from EMV technology. There’s the UK, which reduced fraud by more than half between 2004 and 2013 upon implementing EMV cards. Then there’s Canada, eh, that started the EMV roll-out in 2003 and reported fraud of $29.5 million (CAD), down 79% from 2009, which was $142 million (CAD). So I would say that it’s taken some time to see the effects, but in the past few years, we’ve really seen the impact that EMV cards have had in reducing fraud for many countries around the world.
COCARD: EMV is new for many business owners. So I’m sure you understand how such a change might make people anxious. What would you say to assuage the fears of business owners everywhere?
Chip: Well, first the sky is not falling. It might seem like it, but it’s not. The proof is that it’s already been successful in other places, and the US is simply one of the few developed nations that has not adopted this technology. EMV, through its authentication process, is really what makes these cards, our cards, more secure. So they are a safe and secure way to pay for things. We think that any business owner can appreciate the feeling of comfort that security brings. The big thing for business owners to remember is that banks have a five year plan and that only 21% of US cards will have the embedded chip by the October 1st liability shift..
COCARD: Anything else you’d like business owners out there to know?
Terminal: We just want you all to stay informed. Keep learning. The more you know, we think the less you’ll feel out of your element with something that can benefit your business.
COCARD: Thanks Chip. Thanks Terminal. You were both great. We appreciate that you were able to take time out of your busy schedules—you two are in high demand—to spend a few minutes with us at COCARD. Have a great day.
Chip: You too.
Terminal: Yeah, thanks COCARD.Read MoreRead More