MSI Merchant Services, of New Providence, NJ is one of a select payment processors chosen to distribute and process VeriFone's PAYware Mobile credit card encryption sleeve.
It is now readily available to the ISO's of MSI, and the application software, available through the iPhone Apple Store, is free of charge. The installation of the encryption sleeve couldn't be easier. The sleeve, sleek and durable, simply plugs into the iPhone dock connector, cradles the phone and is ready to read the cards. The PAYware Mobile allows the secured acceptance of credit cards anywhere, any time with an iPhone 3G or 3GS and a merchant account.
By combining the PAYware Mobile application with an iPhone and a card encryption sleeve, the device becomes a fully functional payment solution. Transactions initiated by PAYware Mobile are managed through VeriFone's PAYware Mobile secure gateway, allowing credit card transactions as well as check card transactions. Amazingly, PAYware Mobile includes the ability and flexibility to specify what tax percent to use for each sale in each state. Tips can also be added manually or by the application based on a percentage of the sale. Additionally, the sleeve includes a built-in stylus for signature capture. VeriFone's payment solution for the iPhone puts mainstream payment processing capabilities in the hands of merchants in need of a mobile card acceptance solution.
MSI, with a 20 year history of proven solidity and a BIN relationship with the First National Bank of Omaha, is associated with PAYware Mobile because it is the only mobile product with a patented end-to-end encryption. The moment the card is swiped, data is encrypted in transit to the card issuing bank. This prevents sensitive card data from ever entering the iPhone or being intercepted in transit.
George Mayo, director of new business and an owner of MSI, explains, "Security is paramount to MSI. MSI is committed to the continuous development of resources to create new opportunities for our ISO's, but it must be in a manner that diminishes the possibility of compromise."
Mr. Mayo continues, "PAYware Mobile is the only mobbile system to conform to the same stringent security standards used by ATM's and traditional Point of Sale Terminals. The system is validated and complies with PCI SSC's strict regulations and the application is PA DSS approved by the PCI SSC. The other mobile systems use a common form of encryption referred to as SSL, in essence, it secures the encrypted information inside the phone. This is not an option for MSI."
"PAYware Mobile has plans to bring the solution onto other smartphone platforms, including Blackberry, Windows Mobile and Android. Mr. Mayo concludes, "The PAYware Mobile system will allow our ISO's to greatly expand their merchant account portfolio."