The Green Sheet Online Edition
January 25, 2016 • Issue 16:01:02
Future-proof, obsolescence-free POS
A rash of regulatory and security mandates has rendered many POS systems obsolete and will likely continue to do so. To solve this problem, CardWare International Inc., a payments industry service provider established in 1976, created Infinity, a program designed to keep POS systems future ready and compliant in the ever-changing payments ecosystem. The subscription service comes with a lifetime no-obsolescence guarantee. "We've watched not fully compliant products rushed to market to then be pushed on unwary merchants," said Biff Matthews, Chief Executive Officer of Thirteen Inc., CardWare's parent company. "Think hardware with EMV slots but no reader or insufficient memory to support an EMV application. As a merchant, the constant technology chase is frustrating while adding considerable unnecessary cost."
Flexible, scalable program
Infinity offers participating ISOs, acquirers and financial institutions a range of configuration and billing options. Resellers can bill customers directly or through CardWare. They can also set their own prices, register large populations of devices and software, and bundle the program with other services.
To enroll in the program, processing systems must meet the following requirements:
- North American products: Hardware must be certified for use in the North American region and available in the open market.
- Processor certified: Hardware and software must be approved and supported by the payment processor's network.
- Non-proprietary equipment: Mainstream product offerings and software are eligible for the program, which excludes proprietary equipment.
- EMV, PCI compliant: Processing systems, payment card readers, peripheral PIN pads and signature capture devices must be Europay, MasterCard and Visa (EMV) and Payment Card Industry Data Security Standard (PCI DSS) compliant. Infinity will provide continuous upgrades to ensure that devices and processing software continue to meet all current regulatory, card company, processor and PCI DSS compliance requirements after enrollment.
Lasting protection, residuals
CardWare noted that Infinity provides monthly hardware revenue to ISO and acquirer resellers and added that the program offers the following benefits for enrolled merchant customers:
- Data breach protection: The Infinity subscription service includes data breach protection and cardholder notification for resellers and their merchant customers.
Fixed, manageable costs: Merchants will no longer be held hostage by upfront equipment costs, unplanned service and swap-out expenses. Instead, they will have a fixed monthly cost that is part of their budget.
- Unlimited exchanges, upgrades: If processing hardware or software is out of service, no longer compliant, or lacks adequate memory or functionality, merchants can exchange or upgrade it.
- Set pricing: Monthly subscription fees remain the same for the life of a merchant relationship. Monthly subscription fees also remain the same for exchanges made within the same equipment class, increasing only when adding features or upgrading to a new class of service.
- Easy termination: Merchants who opt out of the program can do so at any time by notifying CardWare, returning the hardware and paying a termination fee. Termination fees are predicated on such factors as length of time in the program, time since the last service and type of service.
Device, processor agnostic
CardWare emphasized that the Infinity program is flexible, enabling ISOs and their merchant customers to make changes whenever necessary to their database of registered, supported devices. Revised subscriptions are calculated according a client's new product mix.Occasionally, merchants will want to make other, non-industry mandated changes to their product mix. Ancillary services such as signature capture, PIN debit and mobile devices can be added to existing contracts, and monthly subscription pricing will be adjusted accordingly.
Resellers, partners welcome
The Infinity program provides sellers, ISOs and financial institutions with continuous recurring revenue streams with greater income potential than one-time hardware sales, CardWare stated. The program may also boost retention rates and customer longevity. CardWare's low buy rates give partners the freedom to set their own revenue models and merchant level monthly subscription fees.
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