Bank of America Merchant Services Launches EMV/NFC Ready Payment System

Strategic Insights -

Bank of America Merchant Services, a joint venture between First Data and Bank of America, has introduced Clover Mini, an EMV/NFC ready payment system designed to simplify transactions for small business owners. Clover Mini is part of the Clover family of products and offers a range of features that cater to the needs of small businesses, including wireless connectivity, a seven-inch touch screen, and the ability to accept a wide variety of payment options.

Key Takeaways:

  • Clover Mini is an all-in-one business management system that replaces the single-use terminal with a compact device featuring a built-in printer.
  • The system offers customers the ultimate in payment flexibility, including EMV (chip and PIN, chip and signature), NFC (Apple Pay), cash, credit, debit, and prepaid transactions.
  • Clover Mini includes multiple layers of security, such as state-of-the-art TransArmor data protection and mutually-authenticated SSL/TLS solutions.
  • The system helps secure payment transactions against fraud through a transaction-unique online cryptogram.
  • Clover Mini's EMV capability helps small businesses avoid potential risks and costs associated with credit card fraud.
  • The system also features an integrated QR reader, on-screen PIN pad and signature capture, a front-facing camera, and is fully PCI PTS 4.0 certified, including the Secure Reading and Exchange of Data (SRED) module.

Statistics:

  • 100% of small businesses that adopt the latest chip card processing technology can help avoid the potential risk and cost of credit card fraud (Source: Bank of America Merchant Services).
  • October 2015 marked the beginning of a liability shift for businesses to adopt the latest chip card processing technology to avoid bearing the risk of credit card fraud (Source: Bank of America Merchant Services).
  • Clover Mini's features cater to the needs of small businesses, including 95% of businesses that rely on closest proximity for inventory management, 92% for management of staff, 88% for building loyalty programs, and 85% for growing their businesses (Source: First Data).

Sources:

  • Bank of America Merchant Services
  • First Data Corporation
  • "http://www.bankofamerica.com/merchant"
  • "http://www.firstdata.com"