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Jason Oxman is the CEO of the Electronic Transactions Association (ETA), the global trade association representing more than 500 payments and technology companies. His insights into the popularity of mobile payments is timely information. In the Innovations section of a recent Inc. magazine article, Mr. Oxman explains: “As consumers change the way they pay, migrating from plastic cards to mobile phones and wearables, the payments industry is deploying a host of new technologies for retailers--and empowering consumers to pay how they want to pay.

 

While merchants adapt to several changes in payment processing administration in 2015, including accepting EMV and becoming PCI DSS compliant, B2C and B2B Businesses might consider incorporating the indomitable strength of mobile device processing now. 

 

Research Supports Mr. Oxman

 

In June 2014, a CustomerMonitor survey of 3002 consumers conducted by Mercator Advisory Group indicates, “…mobile payments is of growing interest and use as 43% of US consumers surveyed have tried mobile payments, up from 31% in 2013.” The report also reveals, “…that 38% of US adults, especially young adults (62%), are interested in wearable technology devices with a mobile interface that enables various activities, which may include making payments or mobile banking.

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All too often during business hours the phone rings and time is lost on a salesperson that has nothing you need at that busy moment. It's possibly a wasted minute or two. Their goals are relatively easy to assess as soon as you answer the phone. You politely “let them go”.

 

Professional scams on the other hand, or "slamming", are far more insidious and can result in large losses for your business on several fronts. The slammers know what they are doing; they understand the boundaries of human trust and rely on your sincerity and good will.

 

Scam calls, often from “merchant services”, can result in a merchant providing secure information to someone who is impersonating the service or support department of a reputable merchant services provider. The scammer convinces the merchant to execute fraudulent agreements for billable merchant related services that were neither needed nor wanted.

 

Be aware of these key tactics

 

  • Merchants are told that their accounts have been locked. The scam caller needs their account information to unlock it.
  • Merchants have been tricked into signing binding contracts by being told that the documents were just applications to obtain price quotes.
  • Merchants were led to believe that the callers were associated with the merchant's current card processor, Visa, MasterCard, or their bank, and explained that they were calling to update account information. The merchants were tricked into signing new contracts.
  • Falsely claiming the merchant's current swipe terminals were outdated or incompatible with its services. Callers then convinced them to lease new card processing terminals for some amount of years.
  • Merchants were falsely told that they could cancel the new agreement at any time.

 

To prevent losing anything more than a few seconds on one of these slamming schemes, relax and know that there are concrete ways to stay safe and secure. Call TRI, a trusted merchant processor for over 25 years. Create a secure merchant payment account today! 

 

For our current clients, if you suspect anything that doesn’t sound just right to you, call your TRI salesperson or TRI customer service at 888-494-9988 or email us at info@transactionresources.com or customerservice@transactionresources.com. There is no question too silly to ask us. Don’t be duped by the scammers. 

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TRI's own Joe Forgione will be interviewed on 4 Cape Cod radio stations this Sunday, December 28th!


tri joe forgioneJoe will be informing Cape listeners, including the merchant community, about technology and security measures that are ever-evolving to prevent data breaches. Joe’s on-air education will help keep businesses and their customers safer from theft. The cost of data breaches is often more than monetary. Listen in if you’d like to learn more.


Joe will also address EMV “chip” cards; what they are and how merchants and the public can prepare for their required use in the fall. Unless merchants opt to no longer accept credit cards, EMV is a firm change in merchant payment technology.

 

You may listen to Joe on the Cape Cod Sunday Journal, live, during the follow times:

 

5:00 a.m. on Cape Country 104
6:00 a.m. on Classical 107.5 WFCC
7:00 a.m. on 99.9 WQRC
8:00 a.m. on Ocean 104.7

 

After the broadcast, the interview will also be available via podcast.