Fiserv is launching SpotPay, a mobile card reader solution for financial institutions to offer to their small business customers, enabling them to accept card and cheque payments on the go (view press release). Merchants using SpotPay will be able to swipe credit and debit cards with their mobile device to accept payments. SpotPay also allows merchants to deposit cheques using the mobile remote deposit capture feature, which works when a picture is taken of the front and back of a cheque which is subsequently deposited electronically.
A recent survey conducted on behalf of Fiserv by Phoenix Marketing International indicated that 30% of surveyed small businesses, that have under USD1 million in annual sales, would like to use their smartphone or tablet to receive and process debit or credit card payments from their customers if the service were available.
The service is available to financial institutions that are part of the ACCEL/Exchange payments network.
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