Payment System Defined

August 5, 2016

Definition: A PAYMENT SYSTEM encompasses the entire process for accepting card payments in a retail location (including stores/shops and e-commerce storefronts), and may include a payment terminal, electronic cash register, other devices or systems connected to a payment terminal (examples: Wi-Fi for connectivity or PC used for inventory), services with e-commerce components such as payment pages and connections out to a merchant bank.

 Payment system infographic

12 Days of Payments Industry Facts

December 10, 2015

1. Cash is the preferred payment method of up to 40% of U.S. consumers, with 25% preferring debit and 17% credit.

2. In the aftermath of EMV, card-not-present (CNP) fraud is expected to grow from $2.9 billion in 2014 to $6.4 billion in 2018.

3. Visa cards accounted for 304 million of the payment cards in US circulation in 2014, more than MasterCard and American Express combined.

4. Elsewhere in the world, MasterCard held the lead in card circulation, closely followed by Visa.

5. One in seven Americans have deposited a check via a mobile device in the past 12 months.

6. More than half of the 30.2 million card terminals deployed worldwide in 2014 went to the Asia Pacific region.

7. Gift cards earned the top spot on holiday wish lists in 2015 for the ninth straight year.

8. Three of four U.S. companies with loyalty programs generate a return on investment.

9. Black Friday weekend was the first time in U.S. history that online shoppers outnumbered brick and mortar ones.

10. The American Bankers Association estimates that 575 million chip cards will have been issued by the end of 2015.

11. Top U.S. debit card issuers include Wells Fargo (Visa) and USAA (MasterCard).

12. Top five PIN combinations: 1234, 1111, 0000, 1212, 7777

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Payments Fun Fact

April 17, 2015

Electronic Payments over the ACH network increased 5% in 2014 to 23 billion. Common ACH transactions include online payments, B2B payments and recurring payments, such as direct deposit. Read more in this report from NACHA, the Electronic Payments Association. https://www.nacha.org/news/ach-volume-increases-23-billion-payments-2014ach payment info


Consumer Confidence Up. Electronic Payments Drives Consumer Spending.

April 8, 2015

Comeback consumer spending image

The Electronic Transactions Association (ETA) and Strawhecker Group (TSG) recently unveiled their latest economic indicators infographic. The news is very positive — Consumer confidence, unemployment and GDP all experienced positive performance in 2014 and Q12015.

The research also points out the importance of the payments industry to the U.S. and global economy. Consider these facts:

  • Consumer spending represents 70% of GDP.
  • 70% of consumer spending is done electronically.

Click here to see the infographic.


2014 Holiday Season Online Spending Facts

January 16, 2015

2014 Holiday Online Spending Facts…. Looking for e-commerce payments solutions for your business? Give us a call. 866.888.9724 Ext. 7 www.omegap.com

2014 online holiday spending


Life of a Payment

December 31, 2014

Behind every electronic transaction is a complex system that connects merchants and their customers. For an overview of what happens after you swipe, click or e-transfer money, check out this video produced by the Electronic Transactions Association
https://www.youtube.com/watch?v=UTOvZnTHxwU


Fun Payment Fact Friday

December 19, 2014

payment info2

Visit us at http://www.omegap.com for more info on electronic payments.