Entries tagged with “Mobile”.

Everyone is trying to make sense of Gen-Y, also known as Millennials, a population typically defined as those born between 1980 and 2000. This group has grown up with technology, a recent survey found that 97% of students in this demographic owned a computer, 94% owned a mobile phone, and 56% owned an MP3 player. They’re comfortable with technology and prefer electronic payment options.

Staying in synch with Gen-Y customers means being prepared to do business in their preferred digital channels, often debit or credit cards. ProPay makes this easy for financial institutions through our LenderPay service. LenderPay allows borrowers to make auto loan or mortgage payments quickly and easily with their Visa, MasterCard, Discover or American Express cards. Customers can fund accounts without being subjected to expensive cash advance fees. Credit unions can accept credit card and debit payments from borrowers without paying transaction fees.

Financial institutions must also balance PCI compliance issues, management of late payments from customers and integration of new hardware or technologies. LenderPay from ProPay makes it easy to offer the kinds of payment options that are so important to Gen-Y and others easily and efficiently.

If your institution isn’t convinced of the importance of serving Gen-Y well, consider this; the Census Bureau projects that the Millennial population was 74.8 million in 2014. By 2015 Millennials will increase in size to 75.3 million and become the biggest group. If your financial institution isn’t serious about embracing Gen-Y, you will be ignoring the largest population of buyers. The good news is ProPay is here to help you seamlessly support the evolving needs of this important audience. Contact us today to learn more about LenderPay.

Click here to learn more about LenderPay. Call 888.227.9856 or email sales@propay.com.

It is projected that mobile payments will reach $142 billion by the year 2019. And because the trend will continue, it’s in your best interest to have as many mobile payment options as possible.

Why are mobile payments so important?

Millennials are taking over the business market in a big way, and if there’s one thing that they’re fond of, it’s their mobile devices. If you’re a small business and you want to conduct business with these younger audiences, then mobile payment processing is a train that you don’t want to miss.

Additionally, fewer people—regardless of age—want to conduct business in cash. Why? Because it’s easier to work with a card and there’s less of a responsibility of having to take care of loads of money. Plus, who really has time to go to the ATM? Let’s face it: If you want to connect with people better than your competitors, the ability to offer a convenient method of payment will trump just about anything.

What sets ProPay apart from other mobile payment processors?

At ProPay, our mobile solutions can be accepted anywhere, anytime, whether or not you have a data connection.

One of the biggest things that sets ProPay apart from other payment processors is our variety of mobile processors, now with a dozen options to choose from, including Visa checkout and MasterCard’s MasterPass. No other payment processing company offers as many options to accept mobile payments as ProPay.

ProPay’s Big Four

Aside from being convenient, there are four main benefits that make ProPay shine brighter than even the largest payment processing company.

1. Anytime, Anywhere

Although many payment processors make this same claim, what they really mean is that you can accept payments anytime and anywhere that you have a data connection. However, at ProPay, when we say “anytime, anywhere,” we mean it. For example, if you’re taking part in a rural fair where you don’t have Internet access, you can still use ProPay’s mobile devices, which will store all of the encrypted payment information until you get to a place that has Internet.

2. Efficiency

When it comes to processing payments and storing credit card information, you don’t need a spreadsheet or an old-fashioned pen and paper. With ProPay, you can store payment information in a secure and efficient way with ProtectPay, eliminating your need for that college crash course in Excel.

3. Professionalism

No matter what size business you’re running, having a professional atmosphere and being taken seriously are both invaluable attributes. Because many people are more hesitant about giving their credit card information out, they’re looking for a professional company that they can trust—one that offers the ability to accept mobile payments, so that they have better peace of mind.

4. Security

Just as children need their security blankets, customers feel more comfortable knowing that their payment information is secure. When you take one of ProPay’s swipe devices and plug it into your computer or smart device, as you swipe the card, the information is encrypted at the head, which makes your payment information much more secure.

“You get what you pay for.” You’ve undoubtedly heard that phrase before and have possibly learned through personal experience that it is in fact true. When it comes to merchant services, this saying is no exception. With the industry buzz about “Free Accounts” or “Free Card Readers”, more and more companies are falling for this trend without fully understanding what this so-called “free” really entails.

In order to better define these free services, the following sections offer a comparison between ProPay’s services and a competitor offering a free merchant account and reader.

Secure Card Readers


Free Service

  • All of ProPay’s approved card reader devices encrypt sensitive credit and debit card data “on the head” of the device as information is collected off the magnetic stripe.
  • ProPay’s ProtectPay enables merchants place customer’s credit card data on file for repeat billing.
  • Additionally, ProPay over 10 ways to accept payments.
  • Competitor offers no ProtectPay equivalent.
  • Competitor offers no “clip” to secure the reader in the audio jack permitting it to spin around and risk damage to the audio jack. Also requires the merchant to awkwardly hold the phone and reader while attempting to swipe the card.

Competitive Rates


Free Service

  • 2.60% on all swiped (Visa, MasterCard, Discover; AMEX is slightly higher).
  • 3.40% on all keyed (Visa, MasterCard, Discover; AMEX is slightly higher).
  • ProPay provides multiple tier pricing options that offer better transaction rates based on merchant’s needs.
  • 2.75% on all cards swiped.
  • 3.50% + $0.15 on all cards keyed.
  • One size fits all.
  • No data coverage, no ability to accept payments.

Fund Accessibility


Free Service

  • No bank account is required.
  • Easily transfer money to your own bank.
  • Access funds immediately through Enhanced SpendBack.
  • Funds should be available within 24 hours.
  • Process up to $1,000 per week. Any amount over $1,000 is held in reserve for 30 days.
  • Limited to “banked” customers with a Smartphone and a data plan.
  • Bank Account is required.

Customer Service Capabilities


Free Service

  • Phone, Email, Chat
  • U.S.-based customer service representatives.
  • Representatives that speak the following languages: English, Spanish, French.
  • Available Monday-Friday 6:30 AM – 7:00 PM MST
  • SMS, Email, Phone Monday-Friday 6:00 AM – 6:00 PM PST.
  • SMS, Email, Phone Monday-Friday 6:00 AM – 6:00 PM PST.

Many cyber security breaches result from the lack of security that credit cards with magnetic strips provide. Since these cards are most common in the U.S., your business has to take steps to protect your financial data.

The alternative to using a magnetic strip is a credit card with an encrypted chip. Yet while these cards are popular in most European countries, they’re not quite as common in the States.

Unfortunately, cards with magnetic strips are more likely to result in security breaches. According to a recent Consumer Reports article, it’s important to secure your financial data to make up for the magnetic strips:

“Contributing to today’s security problem is the fact that the magnetic stripe on payment cards is easily counterfeited. MasterCard claims that the new cards with an encrypted chip (EMV cards) have reduced counterfeiting by 60 to 80 percent. Virtual wallets, such as Apple Pay, Google Wallet, and Softcard, which use your smart phone to make payments, also provide better security than magnetic stripes.”

The problem is that Apple Pay and Google Wallet are relatively new options for consumers. You can’t just expect all your customers to switch to a virtual wallet overnight. Instead, you have to take immediate steps to protect your business from cyber security breaches.

One way to do this is to use a secure payment processor for all credit card transactions. Payment processors come with security features that help protect your financial data. So even if all your customers use credit cards with magnetic strips, your data will be safe.

Until Americans start using cards with encrypted chips, businesses will remain responsible for protecting their financial data. If your company deals with credit cards often, then you should consider buying a new payment processor for added security.

To talk more about cyber security breaches, or anything else, please contact us. Thanks.

The key to finding the right payment processor for your small business is to locate businesses that have the kind of security that you’re looking for. The current age is one where cyber security breaches are common, so it’s important you find only the most secure payment processing companies to ensure the security of your customers’ data.

High BBB Rating

The Better Business Bureau (BBB) represents a non-profit entity that provides a neutral, third-party assessment. It’s important to not just look for the BBB seal when you’re assessing payment processing companies, but to actually click on it as well to make sure the seal really goes to a BBB website.

Once there, it helps to check the grading scale. If a business gets an “A+” rating, this usually means that they are dependable and that the BBB has determined that they go the extra mile to solve disputes and complaints customers lodge against them, including security issues.

This page should also give you a phone number and an address for the business so you can further confirm they are legitimate.


Another important feature to look for is that the payment processing company has end to end encryption. This should include an encrypted method for collecting sensitive data. This data collection could occur either in-person or at an online portal.

The main point is that your organization doesn’t have to store the data personally, and all of the customer’s data is stored and protected by the payment processing company itself. This makes it so that breaches that occur into your company won’t have any chance of leaking customer data to hackers.

For more information on finding the best payment processing companies, please contact us today.