SoftPOS Archives - Wizzit

Wizzit Tap-on-Phone can reduce Chargeback fraud

Blessing — Tue, 01 Mar 2022 09:31:56 +0000

According to Expert Market, the latest chargeback fraud statistics are as follows:

A customer who is successful in filing – and winning – a chargeback dispute is nine times as likely to initiate another one.
40% of consumers who file a chargeback will do it again within 60 days.
81% of customers admit to ‘convenience’ as their primary motivator when it comes to filing a chargeback.
Friendly fraud generally goes up at a rate of around 41% every couple of years…
Almost half (49%) of friendly fraud chargebacks occur as a result of a misunderstanding. The customer simply wasn’t aware they were filing a chargeback!
Each year, the global average cost of chargebacks is around 0.47% of total merchant revenue.
Online sales make up almost half (55%) of all fraud experienced by multi-channel merchants.

Furthermore, some of the classifications of chargebacks are;

1) 30% of chargebacks are made due to stolen cards

2) 26% initiated from a product never arriving

3) 15% from retailer shipping wrong product

4) 8% from products not meeting customer needs

5) 3% clerical errors

WIZZIT’s Tap On Phone solution is not only used for merchants looking to use their mobile phone as a POS (point of sale) device but now also allows online customers to use their own devices as a POS device to checkout.

What does this mean? It means that when a customer wants to pay for their goods online, they can now simply tap their bank card to the back of their mobile device, input their bank PIN when prompted and the payment is done. It would feel like an in-store experience, only using your own device as a payment terminal.

This would have a huge impact on chargeback fraud which occurs with stolen cards. Fraudsters would need to know the card’s PIN to complete an online transaction.

It also has massive benefits to the merchant. The cost of the transaction becomes substantially less with their customers using the Tap On Phone checkout. This is because the transaction is not classified as a Card Not Present transaction.

WIZZIT have been in discussions with both Visa and MasterCard for our eCommerce solution and now we are entering into pilot with some of our global partners. We are looking to expand on our pilot client base so please do get in touch with us if this is something you would like to explore in more detail. info@wizzit.com or find us through

LinkedIn https://www.linkedin.com/company/wizzitdigital/

The post Wizzit Tap-on-Phone can reduce Chargeback fraud appeared first on Wizzit.

Apple entering the SoftPOS World

Blessing — Tue, 01 Mar 2022 09:00:20 +0000

We have recently heard the news about Apple entering the Tap-On-Phone market. As more and more merchants and SME’s move away from cash, the use case of utilising your phone as a POS (Point of sale) device becomes extremely relevant and valuable for these businesses.

We have been asked on many occasions, what do we think about Apple offering this technology? We believe it is simply a fantastic way to know that Tap-On-Phone as a technology is something that is needed across the globe and has been acknowledged by one of the world’s biggest technology provider.

It is an opportunity for banks and payment service providers across the globe to engage with this new avenue to offer to their customers a full software card acceptance capability.

According to Statistica, Android maintain its position as the leading mobile operating system worldwide in January 2022, controlling the mobile OS market with a close to 70 percent share, while iOS accounted for around 25 percent of the mobile operating system market.

Android is thus a key OS for WIZZIT and we are pleased that our solution has been fully certified with PIN for Android OS 7.0 and above. Our solution also comes with a fully built payment switch making the integration to our partners extremely efficient and timely.

We truly believe that over the coming years, software over hardware will be the preference for not only the micro and SME merchant market for all businesses, to accept card payments.

It is clear that the adoption of this fast and convenient technology is paving the way to become the norm in future transactions.

If you are a bank or payment service provider looking to offer Tap-On-Phone, please get in touch with Wizzit. info@wizzit.com or find us on LinkedIn https://www.linkedin.com/company/wizzitdigital/

The post Apple entering the SoftPOS World appeared first on Wizzit.

Who will dominate the $476 trillion payments market?

Blessing — Mon, 14 Feb 2022 07:51:52 +0000

According to Payments Cards and Mobile (1 Feb 2022), the digital payments industry will soon be worth a staggering $476,1 trillion. They further predict that 74% of this will be handled by non Financial Service Institutions (FSI).

Despite the fact that traditional FSI’s will double their spending on payments technology to $80,3 billion by 2030, (2020 this was $39,7 billion) it will not be enough to compete with the nimbler more efficient non-FSIs.This decrease in market share of payments will cost the traditional FSI’s a staggering $250 Billion in payments revenue.

Almost 10 years ago, delivering a keynote address at a global banking conference, I challenged the bankers in attendance to whether banks should be in the payments business. The reaction was almost unanimous – “what a stupid question!” Well, looking at the stats above, maybe the question wasn’t all that stupid.

If the Traditional FSIs want to play in the payment space and maintain their dominant position, they are going to have to take a more serious strategic position and be a lot more innovative in the solutions that they provide. The article goes on to say that 95% of all non-cash payments will be contactless.

We would like to think that there is still a role that innovative banks can play in the newly emerging payments space. One thing that they do have in their favour is the trust of the market – at least in many parts of the world.

However, they still carry an “elitist” image and as was put to me by a highly respected businessman – “they do not want the gumboots in their banking halls.” A harsh reality is that a very large percentage of the $476 trillion will form the “gumboots” and this in itself presents a massive opportunity to innovative forward-thinking banks who want a piece of this payments industry.

WIZZIT has a 20-year track record around the world of providing innovative payments technology to innovative banks making the world a better place for everyone.

The post Who will dominate the $476 trillion payments market? appeared first on Wizzit.

The use case for Mobile phones as POS

Blessing — Tue, 08 Feb 2022 12:42:09 +0000

According to a 2021 study by Juniper Research, the global number of smartphones being used for Soft POS payments will increase from 3.2 million in 2021 to almost 24 million in 2026.

Soft POS represents an incredible opportunity to connect increasing consumer demand for new payment choices with a growing number of merchants seeking a digital-first approach.

This recent headline attracted my attention.

I utilise the services of at least 4 SMME’s several times a month who deliver services to me. One is a physio, one a Pilates Instructor, one a garden service, a hairdresser, and multiple coffee shops/delis/restaurants.

I am sure that this is no different to most readers.I do not carry cash as a rule and for whatever reason, probably only the physio has a physical POS to accept payments. I have demonstrated the WIZZIT Tap-on-Phone solution and every one of them would jump at the opportunity to work with it – including the Physio, should it be available.

As a consumer, it solves a major problem for me. For the merchant, it solves a major problem in enabling them to accept digital payments. All of the service providers I have mentioned have a smartphone. Which means there is no investment in hardware, maintenance, or paper rolls.

As a consumer I can tap my card, my watch or my phone on the merchant’s smart phone AND have the added protection of putting in my PIN.

Safe, secure, convenient and cost effective.

Are you also interested in bringing such a solution to your customer base? Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at support@wizzitdigital.com

The post The use case for Mobile phones as POS appeared first on Wizzit.

Understanding a Merchant Account

Blessing — Tue, 21 Dec 2021 13:59:35 +0000

As a small business looking to accept card payments, it is crucial to understand what a merchant account is, why it is needed and how it works.

A merchant account is an account that holds the trader’s money from their card sales before it transfers to their business bank account. The movement of these funds are automatically transferred between the accounts and can typically take 2-3 business days to happen.

Why is this needed and why can’t we use a normal business account? The difference is a merchant account is there to store all card payments in one place and helps work out what the card fees are before it is transferred to the business bank account.

Merchant accounts and card payments go hand in hand. A Merchant account can be supplied directly from the bank or from a Payment Facilitator. A payment facilitator (like Square) will have a master merchant account with an acquiring bank and thus will be able to simply sign-up small merchants themselves.

This makes the signing up process for a small business extremely easy, quick, and convenient. Whereas the onboarding going directly to a bank can take a long time with stringent contact restrictions. Many acquiring banks work with facilitators.

Small businesses often benefit from very good payment technologies that payment facilitators offer once signing up. One of the new technologies for small businesses is TapOnPhone, often referred to as SoftPOS in the payment industry.

TapOnPhone is a new small business game changing technology which allows merchants to accept card payments directly off your mobile phone. WIZZIT Digital works with acquirers to enable this technology for small merchants.

With implementations touching several continents, we continue to look for acquirers to work with and provide the best in class technology to their merchant base.

Please get in touch to find out more about TapOnPhone and how WIZZIT can help small businesses and acquirers move to the next level of acquiring.

The post Understanding a Merchant Account appeared first on Wizzit.

Payment Trends to keep an eye for in 2022

Blessing — Tue, 07 Dec 2021 13:10:23 +0000

Over the past 2 years, we have seen an enormous amount of development in the payment sector. This has granted a strong boost to e-commerce payments but also new innovative ways to enhance customer checkouts on the ground.

Buy Now Pay Later (BNPL) has grown in popularity across the US and is making headway into the EU and other Western countries. This has recently become a $100b industry and will continue to grow as millions of shoppers across the world now use BNPL to finance their purchases.

This type of financing is a point-of-sale loan which lets shoppers pay for their items over a period of installments. This has been a big influence in online sales too where retailers are incentivised to offer this checkout capability to increase their conversion rates.

The advantage for shoppers is that it often enables them to buy a more expensive item.

Mobile Payments are not likely to slow down anytime soon

The increasing penetration of smartphones and high-speed internet has helped this payment method rocket, in combination with COVID 19. This sector can be classified into a few different categories, namely;

1) Mobile Wallet Payments

2) Apple Pay/Samsung Pay/Google Pay

3) QR code as a payment method

4) Cryptocurrency (blockchain wallet)

Mobile Commerce is expected to hold 80% of e-commerce transactional value by 2025. Looking at the UK, more than 50% of revenue of online shopping businesses was generated through mobile devices in 2020. We can expect this similar trend to follow in other markets as well as more payment methods needing to be offered by retailers to meet their payment needs.

In the developing markets, E-commerce and digital services continue to grow. Convenience and safety are likely to be the main questions asked by consumers who have not shopped online before. Their experiences will need to be positive for them to continue using the online channel. With the increase and adoption of the smartphone, we are seeing the transition slowly starting to take place.

As mobile phones are becoming the point of reference in the growing digital world, SoftPOS/ TapOnPhone technology is the latest addition and is predicted to grow rapidly amongst retailers and consumers.

Retailers may now simply accept payments through their smartphone by downloading an App. Customers will still be able to pay through their mobile wallets or physical contactless card.

In the e-commerce space, we expect 2022 will be the year of piloting the ability for a customer to make a purchase by simply tapping their card to their mobile device to complete an online purchase. This provides for greater security and convenience, where now a customer will never have to input their card details online.

WIZZIT Digital provides this technology with PIN entry and will be piloting the e-commerce solution soon. Please get in touch for more detail.

The post Payment Trends to keep an eye for in 2022 appeared first on Wizzit.