14
PAYMENTS
IN TIMES
SAFEGUARDING PAYMENTS
LIKE THESE…
IN TOUGH TIMES
There’s a spirit that develops
during times of adversity that
reveals something positive about
people and businesses and, even in
the retail technology arena, we’re
beginning to see evidence of that
spirit emerging amongst pioneering
organisations who are not going to
perpetuate the message of doom
and gloom.
Who would have thought three
years ago that the banks would be
in such a perilous state? In former
times in the cards and payments
sector, they have been the initiators,
the investors, the standards setters,
the foundation on which national
processes and technologies were
developed.
As these latter day bastions
retrench to their core business
activities, there are rich pickings
for the ¾ eet-of-foot, energetic,
well-managed, future focused,
A
s a retailer’s lifeblood, the systems that contactless payments’ time has come. Many big
handle payments are perhaps some the transactions are now paid by card, so it makes
most strategically important technology complete sense to use cards for those under
dynamic, small-to-medium sized
based processes they run. £10 too, particularly as contactless payments are
businesses that are showing the way.
But in today’s tough economic climate, many quicker and easier.
In the wider market, organisations
retailers are looking to ½ nd ways of protecting “But as fast as chip and PIN has reduced card
like these will provide the web of
their payment systems from both internal and present fraud, the scamsters have tried to move
resources and services that will
external threats. David Stanhope, chief executive online. To me, the best antidote is the widespread
initially provide an economic safety
of VoiteQ and former ½ nancial director of a retail adoption of services, like those provided by The
net and ultimately become the
business for over 10 years focused on what Third Man. These use vast databases of both
bedrock on which an economic
retailers can do in-store. successful and unsuccessful transactions to detect
recovery will be built. He said: “By using accurate, up-to-date fraudulent patterns. The Third Man also claims
Being part of that interconnected transactional and supply chain data, retailers can that clients, including major household names, can
web that brings competitors, track key fraud indicators – highest refunding and detect more than 96% of ecommerce fraud using
partners, and customers together is voiding cashiers, average basket values, out-of- the technology. Having seen the system at ½ rst
emerging as an imperative business
hours transactions etc. Such data can also be used hand, I believe those ½ gures.”
goal of any company who wants
to help make informed business decisions to help Alessandro Hatami, PayPoint.net managing
to thrive in the current climate. The
maximise sales opportunities and prior warning of director took Barling’s comments about online
opportunities are enormous but the
changes in sales trends, enabling effective product fraud further. “Fortunately, there are number of
mindset is countercultural.
purchasing decisions to be made, keeping stock robust and effective anti-fraud strategies available
Starting with that ‘wartime’ spirit,
holding and wastage to a minimum. to tackle payment fraud, some of which are
responding positively in the ½ ght
“These techniques, even when used together mandatory, including compliance with PCI DSS
against pessimism, and respecting
will not stop fraud, but they do have the potential [Payment Card Industry Data Security Standard].
the part that everyone has to play
to reduce it and increase operational ef½ ciency, and “The problem is PCI compliance can be
in delivering real value, will ensure
therefore pro½ tability of a retail business,” he said. very complex and time consuming, particularly
that a new, healthier, collaborative
But, as the next few pages of recent, related for smaller businesses that don’t have in-house
economy will emerge, despite the
technology stories testify to, much of today’s expertise to manage it. To lighten the load,
government’s interference and
payment systems focus is shifting to new payment businesses should seriously consider opting for a
hollow gestures, and provide exciting
and pro½ table opportunities upon
methods in-store and online. As Chris Barling, hosted payment solution, where payment security
which we can focus our efforts.
Actinic chief executive told Retail Technology: management is outsourced to a third party. As the
Paul Rodgers
“The connection with water slides may be hard security landscape brings about new challenges,
Vendorcom chairman
to make, but the recent Barclaycard advertising businesses can be con½ dent about being updated
campaign clearly suggests it believes that and well protected by default,” added Hatami.
RETAIL TECHNOLOGY MARCH 2009
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