Some might say Fiserv, Inc. is a little late to the game as they joined dozens of other ISOs and payment processors when they unveiled SpotPay™ earlier this month. Yet another MPOS mobile card reader solution, the service is targeted to financial institutions that are part of the ACCEL/Exchange® payments network to offer to their small business customers.
Fiserv has some tough competition, including Square, Intuit, RoamData, PayPal, and the list goes on to include dozens of copycats.
One key differentiator, SpotPay offers merchants the ability to deposit checks using a mobile remote deposit capture feature that allows users to securely take a picture of the front and back of a check and deposit the item electronically.
"The ability to pay anyone, anytime, anywhere is revolutionizing commerce as we know it," said 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. SpotPay is an innovative tool that helps financial institutions participate in anytime, anywhere commerce while deepening their relationships with businesses of all sizes."
According Fiserv, a March 2012 survey conducted by Phoenix Marketing International, 30 percent 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.
"SpotPay from Fiserv should help financial institutions retain and strengthen their small business relationships. Its competitive pricing and innovative features could be strong differentiators in the crowded mobile merchant payment solutions market," said Beth Robertson, director of payments research, Javelin Strategy and Research.
SpotPay can read track one, two and three data from cards using a multi-layered security that surpasses the Payment Card Industry Data Security Standard (PCI DSS). Seal Beach, California-based .MagTek® provides the card readers that work with iOS and Android™ mobile devices. Transactions are processed through WorldPay®, the third-largest merchant acquirer in the world.
Financial institutions interested in more information on SpotPay from Fiserv can visit www.spotpay.fiserv.com/fisignup