Financial Tech

April 16, 2015

The purpose of this meeting is to inform and introduce

technology to Chamber members, not necessarily to give a complete education on the topics discussed.

Some of the technologies discussed are quite often available through Chamber member companies, including several of the volunteers in the subcommittee. Other topics are presented as classes by the Chambers.

If you would like to discuss any of these topics more in-depth, please contact one of the subcommittee members after the meeting and we’ll get you in touch with the best contact for your interest.

Mission

Sub-Committee

Chamber Member Companies working together to bring you the information on the technological topics that interest you and can benefit your business!

Co-Chairman

Ken Tucker, Changescape Web

Mark Peimann, EPC Computers

Andy Kastrup, ProTronics Technologies, Inc.

Art & Candy Zemon, Hen’s Teeth Network

Beth Richter, ProTronics Technologies, Inc.

Don & David Weir, Managed Computer Services

Paul Barthel, Minuteman Press

Randy Downs, Independent Consultant

“Like” our Facebook Event facebook.com/STCCTechComm

Card Reading Technologies Manual Entry of Numbers

Magnetic Strip (current technology in use)

EMV (global standard - new technology in US - microprocessor

embedded on card)

http://www.smartcardalliance.org/slideshows-20120409/

NFC (available on some cards & allows for services like Apple

iPay & Google Wallet to be used. Technology available on most of

the newer smartphones – Galaxy S3 & newer, Apple iPhone 6 & 6+)

Full List: http://www.nfcworld.com/nfc-phones-list/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards

Source: http://www.smartcardalliance.org/slideshows-20120409/

EMV Chip Cards What is EMV?

EMV is the current global standard for payment

processing with credit and debit cards. It will soon

become the standard in the United States as well.

Currently, cardholder information is stored on a

magnetic stripe on the back of the card. With EMV,

that information, and more, is stored in a chip

embedded in the front of the card.

EMV Chip Cards How does EMV work?

EMV is chip-based transaction processing that

focuses on the security of point-of-sale (POS)

transactions, with an end goal of reducing duplicate

card fraud and enabling other cardholder validation

methods. Rather than swiping a magnetic stripe

card through the magnetic stripe reader, customers

insert the card into the chip reader to enable the

POS equipment to interact with the chip in the card.

EMV Chip Cards What is the difference between a contact card

and a contactless card?

Contact cards communicate with the card reader

over a contact plate; this plate must come into

contact with the terminal, usually via a dip reader.

Contactless cards communicate with radio

frequency (RFID) or near field communication

(NFC). Dual interface cards combine both

technologies and can communicate either way

(contact or contactless).

EMV Chip Cards How does EMV impact PCI compliance?

Merchants are still required to achieve and maintain

PCI compliance. Annual SAQ completion and

quarterly external vulnerability scanning

requirements remain in effect.

EMV Chip Cards Why are equipment upgrades necessary?

Utilizing the most current EMV capable devices —

with a chip slot — on the market today ensures that

the merchant can enable EMV via a simple

download once EMV-capable applications become

available. Merchants that purchase the most current

technology will be able to add compatible peripheral

devices with contactless functionality once they

become available; this will put merchants in the

position to fully achieve compliance and be ready

for the future liability shift.

EMV Chip Cards What is the liability shift and how does it impact

merchants?

In order to reduce duplicate card fraud, the

associations have mandated a liability shift that will

occur in the next few months. This means that

whichever party causes a contact chip transaction

to not occur will be financially liable for any resulting

card-present counterfeit fraud losses. So if a

merchant does not have equipment that can

support chip technology and this is the cause of the

fraud, that merchant will be financially liable.

Card Reading Options Traditional Readers (now equipped with EMV and NFC capabilities)

Card Reading Options Square

Card Reading Options

USB Magnetic Reader (Combined with Payment Processing Option)

Stripe and PayPal – User Experience Stripe • Easy to integrate

• No monthly fees

• I know what I’m paying

• Integrates with Freshbooks

• Set up Auto-Billing

• No downside so far

PayPal • Easy to integrate

• No monthly fees

• Integrates with Freshbooks

• Can take user away from your website

• Some people don’t have an account (might deter some sales)

• Convenience – people who have PayPal will use it because it is convenient (don’t have to get wallet)

Authorize.net – User Experience Authorize.net (Chambers) • Process individually

• Run batch

Google Wallet – User Experience

TechTip Freshbooks – www.freshbooks.com

Online Accounting software for Non-Accountants

$29.95/month (3 plans available - $19.95 and $39.95 also)

Integrates online payments for Invoices (Stripe, PayPal, WePay)

Automatically add late fees

Team Timesheet and Expenses – can be used to generate invoices

Can include contractors to track time and invoice me

App for iPhone, iPad and Android

Wave – www.waveapps.com

Free (Basic) or Paid (includes Payroll & Credit Card Processing Options)

QuickBooks Online – www.quickbooksonline.com

Self Employed ($9.99/mo) or Small Business Options ($12.95 – $39.95/mo)

Ask a Techie

April 16

Presented by:

Please fill out your survey & drop it in the box before you leave

Art & Candy

Zemon Mark Peimann Ken Tucker

Andy Kastrup

Beth Richter Paul Barthel

Financial Tech

Chris Calcaterra

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