Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has introduced Elavon MobileMerchant, an innovative, affordable and secure payment solution that effectively transforms mobile devices into terminals, allowing small businesses to accept payments quickly and securely anywhere, anytime.
The solution is currently running as part of a pilot programme in the UK, with full production availability scheduled for March.
Elavon MobileMerchant combines the ease of using a mobile phone for payments, with an affordable, easy-to-understand rate programme, making it the ideal solution for small businesses on the go. The App is downloaded onto the merchant's existing smartphone, and a Bluetooth-connected Chip and PIN device securely captures and encrypts card data, ensuring that no information is stored in the smartphone. Receipts are sent to the customer via email or text message. The solution meets all the current UK banking requirements, so as to protect both cardholders and merchants from fraud, abuse and chargebacks.
"Elavon has responded to the call for innovation by delivering a convenient and secure solution that makes payment processing accessible to a new class of customers," said Simon Haslam, president of International Markets at Elavon. "Our goal is to make payment acceptance easy for all businesses, regardless of type, size or acceptance environment."
Many types of mobile businesses such as tradespeople, repair or delivery companies, market traders and personal service providers, such as beauticians and photographers, can confidently accept Chip and PIN payments on their mobile phone, and their customers are no longer limited to cash on hand. Elavon MobileMerchant currently operates on Blackberry and Android smartphones and tablets.
In early 2011, Elavon released VirtualMerchant Mobile in North America. The solution turns smartphones and tablets into mobile payment acceptance devices and supports card readers that securely encrypt data before any information is sent to the phone. It runs on the company's successful VirtualMerchant hosted payment gateway solution.