ISOs and
Acquirers Press Release
With
ViVOpay™, ISOs and Acquirers Can Offer Retailers a Contactless Payment
Solution for Existing and New POS Terminals
Santa
Clara, Calif. (April 8, 2003)- During ETA, ViVOtech™ -- a provider
of proximity payment solutions -- will introduce ISOs and acquirers
to ViVOpay™, a contactless payment terminal developed for use with
30 million existing Point-of-Sale (POS) systems. Rather than requiring
merchants to purchase new systems, acquirers and ISOs can now offer
customers an easy and cost-efficient upgrade their current magnetic-stripe
POS to accept payment from contactless (RF) cards.
ViVOpay
uses a patent-pending, plug-and-play Dynamic Strip™ technology to
accept contactless payment from a variety of devices, including:
radio frequency (RF) payment cards and key fobs, as well as infrared
(IrDA) enabled cell phones and PDAs. The upgrade can be done in
minutes without requiring any software change to the POS terminal.
This new technology is expected to save the industry billions of
dollars in additional capital expenditures for new POS systems,
transaction processing software, and payment networks.
The
emergence of RF-based contactless payment technology provides acquirers
and ISOs with the opportunity to differentiate product and service
offerings, gain additional revenue, and help their retailer customers
take advantage of the benefits of RF-based contactless payment.
-
Increased revenue: Early market results show that retailers
can easily decide to start accepting contactless payment cards.
By offering low-cost terminal adapters and helping retailers with
the straightforward POS installation, acquirers and ISOs can quickly
increase revenue from equipment sales and monthly leases/rentals
and gain share in this emerging market.
-
Increased transaction volume:
Acquirers and ISOs will see an increase in card usage by consumers
with contactless payment cards. The almost immediate increase
in transaction volume that retailers have seen when implementing
RF-based contactless payment translates directly into increased
transaction revenue for acquiring processors.
-
Improved penetration of traditional cash-only retail segments:
By offering an RF-based contactless payment solution, acquirers
and ISOs can better serve traditional cash-only retail segments
that need fast transaction processing. By upgrading payment systems
at quick serve restaurants, parking facilities and movie theaters
to accept RF-based contactless credit card payment, acquirers
and ISOs can increase transaction volume (converting cash to credit
transactions) and gain additional revenue from terminal equipment
purchases.
- New
value-added service portfolio:
RF-based contactless transactions are not limited to payment.
The emergence of this new technology provides opportunities for
acquirers and ISOs to add new services to their portfolio that
can differentiate their offerings with retailers. Offering outsourced
loyalty, prepaid card or electronic coupon services can help acquirers
and ISOs develop new sources of revenues.
- Better
Return on Existing POS Investment: ISOs
will be able to enjoy an extension in lifetime of their existing
POS install based - allowing them to earn longer stream of revenue
for a longer period of time.
In 2002, ViVOtech commenced a partnership with MasterCard International
to deploy ViVOpay terminals for an Orlando, Florida-based trial
of MasterCard PayPass™, a new contactless payment program that provides
consumers with a simpler way to pay. ViVOtech is enabling several
MasterCard merchants in the trial to accept contactless payment
using PayPass cards. Merchants include gas stations, convenience
stores and fast food restaurants.
ViVOtech
will be exhibiting at the Electronic Transactions Association (ETA)
Conference, booth #915, in Las Vegas, April 8-10. Private demonstrations
of the ViVOpay contactless terminal can also be arranged.
The
company has also produced a white paper entitled "RF-Based Contactless
Payment: A More Convenient Way To Pay." The paper specifically addresses
ISOs and acquirers. Free copies are available at ETA booth #915
or at www.vivotech.com/white_paper/
ViVOtech
is privately held with headquarters in Santa Clara, CA. ViVOtech's
management and advisory board includes former executives from First
Data Corp, Citibank, Diebold, Intuit, McCaw Cellular, Mervyns, VeriFone
and Visa International/USA.
About
ViVOtech
ViVOtech enables more than 30 million existing (and new) merchant
point-of-sale systems with rapid, scalable and cost-effective deployment
of secure contactless cards and cell phone payment capabilities.
ViVOtech has more than 10 patents pending on various enabling technologies.
The company is privately held with its headquarters in Santa Clara,
CA. ViVOtech's management and advisory board includes former executives
from First Data Corp, Citibank, Diebold, Intuit, McCaw Cellular,
Mervyns, VeriFone and Visa International/USA.
For
More Information Contact:
Carmella Lyman, ViVOtech Inc.
Phone: 530-546-5488
clyman@vivotech.com
ViVOtech
and ViVOpay and are registered trademarks of ViVOtech, Inc. Other
brand and product names are registered trademarks or trademarks
of their respective holders.
Editor
note: A photo of the ViVOpay terminal can be downloaded at http://www.vivotech.com/aboutus/vivopay.asp.
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