The In-depth guide to the PCI MPoC Standard
The In-Depth Guide To PCI MPOC Standard.
Primary Keywords: PCI MPOC Standard, SoftPOS
As a business owner, you will naturally strive to meet your customer’s needs, whether that’s stocking up on new products or offering a more convenient payment alternative. As such, mobile payment technology is now the new kid on the block, offering a convenient and secure payment method in the modern business world.
In fact, with the widespread adoption of smartphones, people prefer shopping or paying for goods and services online. This shift in customer behavior has given rise to various mobile payment methods to meet the growing demand and enhance the overall customer experience.
At the forefront of this revolution is the PCI MPOC Standard. This new and flexible standard ensures that mobile payments on commercial off-the-shelf devices like smartphones and tablets are secure and compliant with Payment Card Industry Data Security Standards (PCI DSS).
Therefore, by adopting the PCI MPOC Standard, businesses can confidently offer their customers fast and reliable mobile payment options. Above all, embracing this innovation not only enhances customer satisfaction but also streamlines financial business operations.
Do you even know how this new tech can help scale your business? Well, let’s find out…
So, what is the PCI MPOC Standard?
First, let’s understand the concept behind this new payment method. PCI MPOC Standard is a groundbreaking mobile payment standard that’s addressing the growing need for seamless and secure payment processing solutions.
It integrates the existing use cases from the CPoC (Contactless Payments on COTS) and SPoC (Software-based PIN Entry on COTS) standards but adds new payment capabilities and certification methods. That’s quite the mouthful, right? Hold on; we still have more!
The new PCI MPOC Standard also comes with key enhancements that facilitate PIN-based transactions without relying on any extra layer of security on the merchant’s phone and also supports offline transactions. In short, PCI MPOC is designed in a way that makes it easy to add new features in the future.
That means we are moving away from specialized POS machines and towards using smartphones as a payment terminal. This change will make it easier for small businesses to accept payments. And as more functionalities are added, smartphones will become more reliable for handling payments.
But How Does PCI MPOC Standard Integrate with COTS Platforms?
Isn’t that the burning question? How can you use this system in your current commercial business? Well, to give you a straight-up answer, PCI Mobile Payments integrate with Commercial Off-The-Shelf (COTS) platforms to enable secure and convenient mobile transactions.
COTS platforms are pre-built software or hardware solutions readily available in the market. Integration typically involves incorporating PCI DSS-compliant mobile payment technologies into existing COTS systems, such as mobile apps or point-of-sale (POS) software. That ensures sensitive cardholder data is handled and transmitted securely.
What Does the New PCI MPOC Standard Entail?
PCI MPoC Standard is a significant advancement in the security of mobile payments. It offers a wide range of features that have proven beneficial, especially to businesses that process high volumes of payments.
That said, here are some of the advantages of the new PCI MPOC standard:
1. More Sales and Revenue
By adopting the PCI MPOC Standard, businesses will be able to widen their customer base and drive more sales and revenue. With secure payment options, companies will be able to accept payments from Cards, Mobile and even smart watches..
2. Better Customer Experience
PCI MPOC Standard offers unmatched convenience and ease of use, which enhances the overall payment experience for both the business and customers. With this standard, companies can use their smartphones or tablets as secure payment terminals. That eliminates the need to have any specialized POS hardware.
Customers can make quick and easy payments by tapping or entering a PIN of a familiar COTS device. The simplicity of this process reduces the checkout time, making the payment process more enjoyable and hassle-free for all parties involved.
3. Security and Compliance
The PCI MPOC standard adheres to the PCI DDS requirements. What does that mean? It enforces strong encryption of sensitive cardholder data during transmission, secure PIN entry, and authentication mechanisms. That reduces any risk of data breaches, unauthorized access, and fraud.
4. Cost Efficient, Flexible, and Future Proof
Unlike custom payment systems, PCI MPOC standard-certified POS systems use existing COTS devices. That cuts down on development and maintenance costs. Also, as the business grows, a PCI MPOC-certified Soft POS solution can accommodate expansion without the need for extensive infrastructural changes. That allows companies to handle increased transaction volumes and avoid costly hardware upgrades.
5. Competitive Edge
The PCI MPOC Standard puts businesses ahead of their competitors by offering a superior payment experience. With secure and convenient mobile payment options, businesses are able to attract more customers. Not to mention, the seamless and user-friendly processes enhance customer satisfaction. That fosters customer loyalty and encourages repeat business.
Why Choose NearPay as a SoftPOS Partner?
Our Soft POS solution is one of the first in the payments industry to be certified with PCI MPOC Standard.
Therefore, by choosing NearPay, you will not only be integrating cutting-edge technology into your operations but also adapting a more efficient way to accept payments. On top of that, you get;
Ø Easy Setup and Integration with Existing Systems
NearPay SoftPos solution is designed to integrate with existing business COTS systems easily. It comes with APIs, and on top of that, it’s compatible with common business software. That means you’ll have a smoother transition and minimal disruptions in your business operations.
Generally, you’ll have a seamless data exchange between the SoftPos and your inventory management and CRM software. This integration will streamline your workflow and ensure you receive real-time updates across platforms.
Ø Better Security Measures
On top of that, our SoftPos solution complies with the latest PCI security standards. That means all cardholder data is encrypted and protected safely.
Your customers will have peace of mind knowing that their sensitive information is well safeguarded and chances of a data breach are almost zero.
Ø Reduced Expenses
With our SoftPos solution, you will no longer need all the expensive traditional POS hardware. That means your upfront costs are significantly reduced as customers can use their smartphones or tablets as a secure payment terminal. The bottom line is that with our Soft POS solution, you get to save a lot on equipment expenses.
Ø Scalable and Flexible
Since our SoftPos solution is cloud-based, businesses can scale their operations effortlessly to meet the growing demand. Not to mention the fact that the POS supports multiple payment methods, including contactless payments and mobile wallets, you can easily cater to a diverse customer base hassle-free.
Ø Reliable Customer Support
Finally, we have a dedicated customer support team. We are available 24/7 to assist with any technical issues you might encounter using our Soft POS system. We know just how crucial it is to provide uninterrupted service to your customers. Therefore, we are committed to offering you fast and reliable support and ensuring your business runs smoothly.
Without a doubt, the PCI MPOC Standard is a groundbreaking technology that will revolutionize the payments industry. This new way of accepting card payments will unlock great opportunities for businesses and consumers.
So what are you waiting for? Integrate our Soft POS solution in your business today to stay ahead of your competitors and offer your customers an efficient and secure way to pay for goods and services through their smartphones.
September 20, 2023Back to Blog