Verizon speeds up card payments processing for SMEs with Chase Paymentech
13 July 2007 | 2509 views | 0
Small and medium-sized businesses with a broadband connection from Verizon Online have a new option that offers faster discounted credit, debit and payment processing services: Verizon Merchant Services, Payments Powered by Chase Paymentech.
By using credit card processing services, offered through Chase Paymentech, businesses can expand or begin processing credit or debit transaction services for their customers. The ability to accept credit or debit payments using Verizon's broadband-based service speeds checkouts and pleases customers.
Consumers are showing an increasing preference for non-cash payments, regardless of transaction size. Research from Visa found that debit cards are the world's fastest-growing payment method, with consumer debit purchase volume up 19 percent from the year prior. Visa also notes that 33 percent of consumer purchases in the United States are now card-based, with that trend growing every year.
"Accepting electronic payments is critical for businesses of all sizes," said Michael Schaefer, director of business broadband services for Verizon. "At Verizon, we're always looking out for our business customers. We've leveraged Verizon's buying power and Chase Paymentech's scale of operations to provide very competitive credit card processing rates to our small- and medium-sized business customers."
Depending on the volume of transactions processed, the payment processing discounts offered to Verizon's broadband business customers can completely or partially offset the monthly cost of the merchant's broadband connection. Verizon's small- to medium-sized business customers can choose from a range of Chase Paymentech-approved payment terminals supporting a full spectrum of electronic-payment options. Also included is the option of a wireless broadband terminal that can be used virtually anyplace within the retail space.
According to Peter A. Gasparro, group executive, partnership programs at Chase Paymentech, "There are still a significant number of dial-up terminals in the marketplace, and they take between 15-20 seconds to process each transaction. Dial-up terminals are mainly used because most small businesses haven't yet begun to use their high-speed connectivity for their payment processing."
By contrast, Verizon's business broadband customers, using an IP-enabled terminal with Verizon's up to 3 Mbps (initial connection speed) high-speed Internet connection, will be able to process each transaction in a fraction of the time it would take with a dial-up connection.
"Using dial-up isn't bad when you are just dealing with a couple of transactions an hour," said Schaefer. "However, a dry cleaning business, for instance, can have a half dozen or more customers at once during peak time, when every second counts."
Gasparro added, "Electronic payments acceptance is key to the growth of a small business. Working with Verizon, Chase Paymentech will help level the competitive playing field for small businesses by allowing access to the same payment transaction rates that larger businesses traditionally receive."