Apple Pay

Velcro Pay To Offer Free Apple Pay POS For Merchants

It can be difficult for small businesses to cash in on the big push toward mobile payment processing, particularly with the new rules and regulations to abide to regarding fraudulent payments. But merchant service providers like VelcroPay are trying to be a liaison in the market.

For the mobile payments companies, small businesses also provide a huge opportunity to establish itself without needing to compete with MCX allied companies. To help with these new challenges facing small businesses, VelcroPay, a merchant service middle man, announced yesterday (Jan. 19) that it launched a free Apple Pay POS device program that will install devices that accept Apple Pay and EMV cards for small businesses, as well as provide a walk-through on the new rules and regulations regarding the new payment procedures.

Through this program, Velcro Pay will assist in upgrading all systems to incorporate the EMV, Beacon, and NFC technologies necessary for mobile payment processing and chip-and-pin cards, which can be an inhibitor for a lot of small businesses. Apple Pay is already popular with big businesses like Whole Foods and McDonald’s, largely thanks to the speed in which these businesses adopted the new technology.

For small businesses, the costs may not be as feasible on their own, so VelcroPay steps in to help bring the costs down on installation by finding the best prices for the appropriate merchant services. Also, because of the increase in mobile payments, fraud liability is gradually shifting from credit card companies and banks to the merchants themselves, which places security and legal protection at a premium. Despite all the risks though, VelcroPay’s new program highlights the growing importance of new payment mechanisms in everyday commerce, and small businesses are finding it important to be Apple Pay and EMV friendly in an increasingly digital economy.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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