Blockchain-biometrics

Payment and identity verification with blockchain & biometrics

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How does your business manage customer data and identification? 

As one of the most secure methods of data protection available, blockchain technology has quickly become the industry standard for securely accessing customer information and ensuring it never falls into the wrong hands. 

Harnessing this best-of-breed encryption technology, our partners at Nuggets have developed an innovative platform that combines blockchain with biometric authentication to deliver the first-ever identity and payment app to the Australian market. 

 

Nuggets: Leading the way in data security

Nuggets is a secure payment security and ID verification platform designed to streamline business processes and deliver exceptional data security to customers. Using industry-leading blockchain and biometric technology, Nuggets helps businesses to protect customer data while offering simplified validation and payment processes for businesses. 

Latpay + Nuggets

Latpay has teamed up with Nuggets to offer a complete solution to payment security. Utilising our PCI DSS compliant merchant facility and payment gateway, we can now offer businesses a simple and highly-secure option for ID verification and payment processing, both online and in person. 

How it works:

Nuggets stores customer data securely using blockchain technology. This essentially means that the data is encrypted and dispersed in chunks to be stored across a range of sources, and is only accessible by the customer themselves. Not even Nuggets can access it.

When a business requests ID verification, customers only share enough of the data stored to complete the verification or transaction. This means that businesses never need to store personal or sensitive data about their customers. 

Benefits of using Nuggets:

Developed with both businesses and consumers in mind, Nuggets delivers a wide range of benefits that ensure the security of all users while streamlining processes and improving customer experiences. 

 

Business Benefits:

Fraud mitigation 

Combining blockchain and biometric technology, Nuggets helps to mitigate the risks of identity fraud with a highly secure platform that puts data security back in the hands of the customer.

Compliance assurance

Minimise the hassles of regulatory compliance with a payment and identity verification system that boast compliance to the major governing bodies, including Payment Card Industry Data Security Standard (PCI DSS), General Data Protection Regulation (GDPR) and Second Payment Services Directive (PSD2).

Streamlined processes

Spend less time processing your customers with the ability to validate identification and verify payment methods in just seconds. Just send a request to your customer’s mobile and have complete confidence in the data provided – no second-guessing.  

No data, no breaches

Recent statistics show that around $527.8 million was lost over the previous financial year to card fraud in Australia, while the annual economic impact of identity fraud sits at around $2 billion. Mitigate the risks of a data breach and protect your business reputation by never storing customer data. If there’s no data, there’s no data to be breached. 

Secure payment processing 

Deploying Latpay’s secure payment technology, Nuggets delivers complete payment security using whichever payment method your customers prefer.

 

Consumer Benefits:

Protect your personal data

With none of their personal data collected or stored by your business, customers can feel confident in the protection of their personal data and therefore more comfortable doing business with you. 

Streamline identity verification

Customers can spend less time proving they are who they say they are with a pre-validated method of identification. A

Make payments simple

Using pre-loaded and pre-verified payment methods, customers can make payments in a few simple steps from their Nuggets app with the knowledge that their payment data will remain secure. 

No more passwords

With the capability to sign in via fingerprint scan or facial recognition, using Nuggets removes the need for pesky passwords. As well as sidestepping yet another password to remember, this also means reduced risk of phishing, malware or hijacking of phone accounts. 

 

Using Nuggets

Using the Nuggets platform for payment and identity verification is incredibly simple for both businesses and consumers, and can be completed in just 3 quick steps:

Step 1: Biometric single sign-on

Using either a desktop or mobile device, businesses and consumers can log in in seconds using biometric data saved to their account. This means no usernames or passwords required.

Step 2: Swift ID verification

The business then ‘pings’ a request to the customers’ device, requesting access to specific information. Once the customer receives the request, they can either approve or deny access for the business. Once approved, the verification process takes just seconds. 

Step 3: Secure payments

If taking payments, the business can then offer the most popular payment methods for their customers to pay directly through the Nuggets app. This includes credit or debit cards and even cryptocurrency. 

It’s that simple.

 

Ready to step into the future of business? Learn more about how Nuggets and Latpay can help you to reduce risk, increase revenue and streamline customer verification here. 

Getting paid with payment links

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What is a payment link?

Payment links (or PLINKS) allow you to send payable invoices straight to your customers mobile, social media account, email and other comms applications. With the ability to accept credit cards and debit cards, online banking and digital wallets through the simple click of a link, your customers will be thanking you at every bill with on-time payments deposited directly into your bank account.

Why use payment links for your business?

PLINKs are an incredibly versatile yet streamlined payment method that allows you to improve cash flow by collecting payments 24 hours a day, 7 days a week.  As well as processing transactions and accepting online payments, PLINKs have the following advantages for your business:

Get paid on time

Sending SMS PLINKs to your customers is an easy and efficient way to get paid on time, every time. All your customer needs to do is view their invoice and simply click a link to pay. No getting lost in the inbox, just a straightforward, simple process that gets you paid sooner.

Take payments from more people

Asking your customers to log in to an application or online portal to pay your invoice can be a hassle, often resulting in late or missed payments. Using latpay’s simple PLINKs, you can offer a better system that everyone can access with the tap of a button – easy!

Offer better security

As well as being an easier way to pay, our PLINKs come with world-class security backed by the highest-level PCI DSS compliance (Level 1)  as well as our revered tokenization process to ensure that all your customers’ data remains in the right hands.

Get access to a personalised dashboard

Partnering with latpay, your business will gain access to a comprehensive dashboard that allows you to create and share personalised links with your customers. With complete clarity and control of your invoices, you’ll also be able to better manage your finances and know exactly when and where the money’s coming in.

The biggest advantages of using payment links

  • Send invoices immediately via simple links
  • Receive transaction management via SMS & email notifications
  • Accept all payment types & currencies from around the world
  • Maintain PCI DSS Level 1 Compliance
  • Customise your checkout to match your business branding
  • Protect your customers with real-time fraud management

Who are payment links ideal for?

While PLINKs are fantastic for just about any business, they’re particularly beneficial for businesses looking to step into the future of digital payments without completely reinventing the wheel. Some of the businesses that benefit the most from incorporating PLINKs include:

  • Clubs, associations and organisations
  • Gyms and sports centres
  • Businesses requiring joining fees
  • Monthly subscriptions
  • Phone & utility providers
  • And heaps more!

Why partner with latpay?

Offering a truly complete and integrated payment platform, Latpay can help you discover the real value of innovative technology for everyday business. As a leading Payment and Merchant Service Provider in the UK, Australia and Canada, we deliver superior transactional, fraud management and data tokenization services to businesses all around the world.

If you’re ready to take your invoicing capabilities to the next level, chat with us today!

The risks of cyber security & why you should care

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Online crime and cyber-attacks in Australia

The Australian landscape for cybercrime is rapidly growing, with many businesses falling victim to the advances of online criminals every day. And while we often read about large-scale corporate data breaches in the media, medium and small businesses are actually more likely to become a target due to their often-minimalistic approach to cyber security.

To help you as a business owner understand why you should be concerned with cybersecurity, we’ve put together a brief guide as to what could be targeted and how. More importantly, we’ve also included some good examples of how you can protect yourself. Take a read below!

What could be at risk?

While you might think that your business information wouldn’t be of interest to a cybercriminal, the reality is that just about any piece of data or sensitive information can be a target. If you acquire, retain or produce any of the following information, it’s important that your business is taking the relevant precautions to protect itself against unauthorised access:

  • Financial records and data
  • Client records and data
  • Product design or business ideas
  • Business models
  • Intellectual property (IP)
  • Patents (current or pending)
  • Employee information

While all information can be a potential target for cybercrime, financial data is likely the biggest drawcard for criminals. For this reason, online businesses, in particular, can become vulnerable to additional risk if they are not adequately protected.

 How can cyber criminals access your information?

While the ways in which cybercriminals gain access to your information evolves every day, there are a number of traditional and well-known attacks to be aware of. Some of these include:

  • Breach of your website, payment processes or mobile app
  • Viruses and malware that can infect your computers or networks
  • Theft or remote access of your hardware and devices
  • Social engineering and phishing 

How can you protect yourself?

While it’s near impossible to ever be fully protected against online criminal activity, there are strategies and technologies that can be deployed to mitigate vulnerabilities and risks. This, paired with an understanding and awareness of the way hackers might attempt to breach your data, is the best way to approach cybersecurity.

Some of the simplest ways you can protect your information include:

  • Updating your website, Point-of-Sale (POS) systems and other devices with the latest software releases
  • Develop terms and conditions or procedures for staff to follow in regard to online security and the security of all company devices
  • Develop an incident response plan to ensure you’re prepared to react should a cyber breach occur
  • Implement network security, email protection and anti-virus software (with the help of a cybersecurity or managed IT company if possible)
  • If you run an online business, aim to satisfy PCI DSS Level 1 compliance requirements

Protecting your customer’s payment details with a secure payment platform

 If your selling products or services online, the way you take payment is critical to the safety of your customers’ payment information. Moreover, financial institutions will also require that you meet certain compliance targets to ensure the safety of their customers and yours.

At Latpay, we help our clients to take payments online through the implementation of secure hosted payment pages. Offering PCI DSS Level 1 compliance, every transaction is secured and fully encrypted to the highest standards to ensure your customer’s information remains untouched.

To learn more about the comprehensive benefits of Latpay’s merchant services, click here or get in touch with our customer service team to chat with a local representative today.

Better payment processing for better business

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Regardless of the industry you’re in, the way you take payments is integral to the success of your business. It can enhance or diminish customer experience, improve or impair administration processes and strengthen or undermine security measures.

If you’re unhappy with the service you currently receive or are just interested to see what else is out there, you’ve come to the right place! Check out our top 9 reasons you should make the switch to Latpay for all your business payment needs.

$0 Set up fees 

We really value the business partnerships we create with our clients and strive to build longstanding relationships with every one that comes on board. For this reason, we don’t believe in charging unnecessary fees or working in hidden costs. We’re dedicated to being up front and transparent. As testament to this, and to say thank you for choosing Latpay, we decided to drop all set up fees.

$0 Admin fees 

We really mean it when we say we won’t charge fees for the sake of it. We believe our partnerships can be mutually beneficial without hitting you with additional monthly fees. And let’s face it, no one likes paying admin fees. Staying true to our word, we’ve dropped all admin costs so you can spend your money on the things you really need to help your business grow.

Real time processing

Whether you conduct business online, through a shopfront or on the go, instant processing makes taking payments easier. There’s no waiting around for things to clear, and no annoyed customers getting impatient with the process. It also means you’re able to accept more payments in less of the time, boosting your sales and ultimately, your bottom line.

Forget interruptions

Have you ever been half way through a transaction only for it to drop out, forcing you to restart the entire process? Nothing is more frustrating. Your customers are busy people, and any friction in the checkout process could ultimately lead them to abandon the sale. With Latpay, we back our systems with a demonstrated 99.99% up time on our incredibly secure and stable environment over the past 17 years!

Better security

Fast and reliable payments are nothing without top security standards. At Latpay, we’re certified to process high volumes of payments with the highest level of PCI regulatory compliance to protect you and your customers. That means less work for your compliance officer and peace of mind for anyone making payments through your business. 

Low cost per transaction

So, if we don’t charge set up or admin fees, our transaction fees must be high, right? Wrong! With fee-free processing for the first $750 of sales* and 1.7% + 25c + GST as our standard rate, we’ll keep your fees super low no matter where your business takes you.

*T&C’s apply. 

50,000 transactions

Looking to grow your business? You’ll need a payment platform that’s ready to grow with you! With an unlimited transaction capacity, we can help your business reach new heights whenever you’re ready.

Stay with your bank

We don’t believe in pushing you towards one particular acquiring bank over another. If you’re happy with your current financial institution, then why change? Latpay has connectivity to over 90 acquiring banks around the world, meaning you can pick and choose who you’d prefer to do business with.

Payment options

Let your customers pay the way they want! Taking online payments is about so much more than accepting cards. If your customers want the option to pay with alternative methods, then that’s what they should get! Our payment systems offer just about all payment methods, from Visa and Mastercard to JCB, AMEX and everything in between.

Are you ready to make the switch? Sign up in less than 3 minutes and start taking payments today, or chat with our team on 1800 865 224 to find out more about making the switch to Latpay.

Can mCommerce Solve the Conversion Crisis?

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Gertjan Dewaele of Ingenico ePayments argues that “mobile shopping has established mCommerce as a key sales channel”

Put your mobile where your commerce is

The vast majority of merchants understand that mobile innovation affects customer satisfaction and profitability, but this awareness needs to be matched by action if they are to make the most of the mobile commerce opportunity. No merchant can afford to ignore the revenue-generating potential of mCommerce.

More than three quarters of UK shoppers use their mobile to make purchases online while commuting or travelling, and 45% browse in their free time. It’s a growing trend. UK consumers now spend twice as much time on their mobile device as they do on a PC or laptop, and the use of mobile apps for shopping is on the rise as well. 83% of time spent on mobile is app-related and more than half of that is spent shopping.

On the other side of the Atlantic, 40% of online purchases in the US were made on mobile devices in 2017, a 29% increase over 2016.

Taking a closer look at Europe’s largest economy, Germany, we can see that mobile commerce has been a slow burner, but consumers have begun using their phones to make online purchases in greater numbers. mCommerce in Germany now accounts for 12% of purchased goods. Ready for a boom, it is estimated that mCommerce volumes will increase by 39% and represent 42% of total retail ecommerce sales in the country by 2021.

Avoid abandonment

In spite of this burgeoning international mobile trend, many merchants are falling behind in trying to meet their customers’ expectations. Research by Ingenico ePayments and InternetRetailing found that only 57% of those active in sectors such as travel and gaming declared having a responsive website for desktop and mobile as their main focus. Just 39% described themselves as being ‘mobile first’.

The negative impact of this lack of innovation in mobile is becoming increasingly clear. Our research has found that 60% of all shopping carts created are abandoned before payment and that one in five consumers do not complete the payment process. The result is a considerable amount of lost revenue for merchants and large numbers of unsatisfied customers.

A smooth customer experience

Fortunately, there are several steps that can be taken to ensure that more of these planned purchases are completed. Investing in a frictionless mobile experience is a good starting point: although just over half of the retailers we surveyed are currently investing in this area, 40% intend to do so over the next two years.

Firstly, merchants should ensure their mobile site is localized, meaning consumers can pay how they like based on where they are in the world.

As well as this, they need to be aware of the importance of optimizing the payment page, from using a numeric keypad, to automatically format credit card numbers to detect invalid inputs. Cutting out unnecessary steps in the payment process will improve conversion rates. After some merchants found that 3D Secure was showing a potential to negatively affect their conversion, they utilized it only for high transaction values or enabled tokenization to provide a fast-track experience for returning customers. 3D Secure 2.0 will use advanced data analytics to help determine cases where additional security measures are required, reducing the barriers for the majority of consumers.

Finally, consider the options available. There are payment methods that work better on mobile, such as PayPal and Apple Pay, both of which are helping merchants to shift away from a sluggish system to an omnichannel future, in line with high customer demands.

Next level mCommerce

Of course, now that mobile is becoming mainstream, it doesn’t mean the environment stops evolving. Innovations are always on the horizon to stay relevant to consumers.

Already there is a new sales channel for consumers which is ideal for the mobile device: chatbots. This tool is seeing great success with Generation Z and millennials, yet just 16% of the internet retailers we surveyed were investing in messaging bots for conversational commerce. Seeing more consumers turn to this sales device is certainly likely, though, as more than half of those surveyed plan to enlist it within the next two years.

We expect this to soon become commonplace. With the first pilot results, we’ve seen a six-fold boost in conversion while using chatbots versus a mobile website. These bots learn patterns of behavior and can target customers, offering the products or services that would be of most interest – a level of personalization that leads to better conversion rates and higher customer satisfaction.

Another – often overlooked – avenue for conversion is the moment after the purchase. Following the transaction, a merchant can leverage this time to entice customers to purchase additional items or encourage their return. Providing a related product (insurance, for example) or offering smart discounts via gamification will maximize the conversion on the initial transaction and help create a loyal consumer base.

The future is within our grasp

We aren’t losing the in-store experience just yet, though. In fact, mobile may be the key to revitalizing a practice that has fought a losing battle in recent years. We’re seeing a number of ‘scan and pay’ projects creeping into the market, which are using mobile devices to drive a better in-store user experience – and boost completed transactions in the process.

It’s clear that the sheer convenience of mobile shopping has established mCommerce as a key sales channel, which means that merchants have to optimize their mobile site and payment processes in order to be in the sales game.

Source: The Paypers – http://bit.ly/2C7xDJe