Moneris Launches PAYD Product Line, Allowing Businesses to Accept U.S. Payments

Moneris Solutions Corporation, one of the leading North American credit and debit card processors, recently announced the availability of the “PAYD product family” for the U.S. market.

PAYD and PAYD Pro are two smartphone-based mobile POS solutions that give merchants the capability to process secure payments from practically anywhere they choose to do business.

“Moneris is pleased to be one of the first to bring an EMV-enabled mPOS solution to the U.S. market,” said Chris Lee, President of North American Strategic Partnerships, Moneris. “PAYD Pro offers the latest security features and payment technology, while providing the convenience of quick and efficient mobile transactions. It gives merchants greater flexibility in payment acceptance, while fulfilling consumer preferences and improving customer experience.”

Both PAYD and PAYD Pro are designed to aid small businesses drive more sales and are also useful business tools for this market.

“At BMO Harris Bank we align our small business customers with payment solutions that complement and address their needs,” commented David Martin, Senior Product Manager and Vice President BMO Harris Bank. “Moneris’ PAYD Pro bridges the gap between POS technology available to these smaller merchants and their larger-scale competitors. We are excited to support PAYD Pro as it can provide our clients with a secure payment processing environment that expands the type of payments they can accept, anywhere they do business.”

In addition, the PAYD app enables businesses to enhance their cash flow, by accessing real-time reporting and sending digital receipts instantly via email.

After getting the skinny on the PAYD product family, we wanted to dig deeper and find out more about the particulars regarding the launch from Moneris. In order to do that, Payment Week caught up with Chris Lee for a brief Q&A:

How will PAYD help enhance the point-of-sale industry?

Helping future-proof merchants for new payment methods is one of the ways PAYD Pro will enhance the mPOS space. With the impending EMV liability shift coming in October, it’s important for merchants to prepare themselves for the changes with EMV-enabled cards. PAYD Pro addresses this as it is capable of accepting traditional swipe cards and EMV-capable cards (e.g. chip cards). Additionally, PAYD Pro can also support contactless payments via NFC. This means it can help merchants get ready to be able to accept new payment methods like Apple Pay, Google Wallet, Samsung Pay or NFC enabled debit and credit cards.

What does being the first to bring an EMV-enabled mPOS solution in the U.S. market mean for Moneris?

Our current mPOS offering, PAYD Pro is a great standalone solution, but we’re also taking that same PAYD PIN Pad (also referred to as an iCMP) and enabling ISVs to integrate our payment services into their applications. It’s the collaborative approach that demonstrates to the market that we’re here to help them navigate their way through a successful EMV deployment. Moneris is a leader in EMV in North America and a solution provider that partners and merchants with integrated solution can trust to help get them EMV-ready in the U.S. While there are a host of other EMV-enabled terminals we offer, we definitely see mPOS as burgeoning market that we’re well prepared to address.

What do you ultimately hope will come to fruition as a result of launching PAYD?

As we continue to grow our brand and offerings in the U.S. we’re hoping brands like PAYD will become synonymous with leading-edge payment solutions that are secure, developer friendly and easy for merchant to deploy and use. Moneris is focused on our whole ecosystem from partners to merchants and ensuring they have the tools they need to be successful. The PAYD family of mPOS products is just a sample of the solutions we offer in market today.

Can you talk a little more about the technology involved with PAYD and PAYD Pro

PAYD Pro is an EMV-ready mobile payment solution that lets merchants accept debit and credit cards just about anywhere. Designed for businesses-on-the-go, PAYD Pro allows merchants to accept mobile payments right on their Apple or Android device with the PAYD App. PAYD Pro uses the PAYD PIN Pad that pairs to a device using Bluetooth. The PAYD PIN Pad support Chip & Signature, Magstripe and contactless payment methods. PAYD uses the same application (app) that PAYD Pro uses but it uses a standard mag stripe reader.