September 10, 2012

Technology solutions provider Fiserv released a new mobile card reader today for financial institutions to offer to small business customers. The solution, called SpotPay, will allow merchants to accept card payments anywhere anytime, as well as checks with the reader's mobile check deposit feature. In a statement issued with the product's release, Fiserv said that SpotPay's mobile check deposit capability sets it apart from other mobile card readers on the market.

The solution is targeted towards small businesses, as David Keenan, general manager of Fiserv's Network Solutions, says, to pave the way for financial institutions to deepen their relationships with their small business customers. Fiserv cited a study it released last March that showed that 30 percent of small businesses would like to use their smartphone or tablet for accepting debit or credit card payments.

Financial institutions also will have the opportunity to brand the SpotPay solution for promoting brand loyalty.

SpotPay will be available to financial institutions that are part of the ACCEL/Exchange card payments network. SpotPay uses MagTek's cloud-based gateway and card authentication process for fraud prevention, and SpotPay transactions will be processed through WorldPay, the third largest merchant acquirer in the world.

[See Related: Securing Mobile Payments On the Go].

Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...