HomeATM device - bring ATM home

SmartCard marketing - processor of prepaid card transactions, also famous for its recent introduction of VelocityMoney.com, an e-wallet platform that gives users the opportunity to load the funds through the automated clearing house, wire transfers, and checks and money orders - in cooperation with HomeATM offered to the consideration of the e-market a new device that, as declared, will give the owners of e-wallets an opportunity to load their e-accounts with credit cards and PIN-based debit cards.

The device constructed by HomeATM connects to PCs via an ordinary USB cable. So the system that resembles to a regular terminal processing the credit/ debit cards, will allow the users to fund their e-accounts via card swipes. The new device has the same numeric pad for entry of PINs linked to debit cards as any other pad installed in the stores. As to the satisfaction of the users of VelocityMoney.com the HomeATM guarantees the device will enable cardholders to refill online the issued company's prepaid MasterCard just by the swipe of the card.

In addition, two companies came up to a decision to sign up merchants into acceptance of credit and debit cards via HomeATM device. There will be the split in the financial transactions' processing - the acquirer will process credit card payment processing, while HomeATM will take care of debit cards. At present time Smart Card Marketing announced 9,000 orders of merchants requesting the new device, considered as the cost-effective analog of conventional point-of-sale terminals with the price of $50.

With the appearance of the new device we see a lot of benefits simplifying the day-to-day work of the retailers, self-employed or home-based businesses, as well as to the owners of e-wallets as it will allow them to get the funds same day that can be a crucial factor for some specific businesses, such as travel agencies and airlines. Meanwhile, the easy connection of the device to the computer via an ordinary USB will definitely increase the number of fraud related to card processing. The HomeATM ensures their users that it applied for a patent on a PIN-authentication system called PinMyCard. Once paired with HomeATM device it allows merchants to process credit card transactions online at card-present interchange rates. Taking in view the high percentage of existing fraud due to the unencrypted data transmittance, we concern how secure is the protection provided by HomeATM device and if its developers would be able to prevent another significant flaw of fraudulent transactions.

Natalia, reporter of Ecommerce Journal