Charges and Fees

The following are security terms for usage of the Fasspay mPOS application mobile card reader, software and services.

Last updated: May 27, 2016

1. Are transactions over smartphones secure?

• We understand that dealing with payments requires high level of security – it is the foundation of trust. Our platforms and products adheres to the highest level of global security standards set by EMVCo and PCI-DSS that’s accepted worldwide.

• Our EMV level 1 card reader is PCI DSS compliant and encrypts all data before sending it to our PCI compliant payment platform housed securely within the bank’s environment. We are using Soft Space’s EMV (Europay, MasterCard, and Visa) payment platform which is both EMVco Level 1 and Level 2 certified. As an additional layer of security for the user, the application employs two factor authentication, requiring both a User ID and Pin number at sign in to use the app.

• Every transaction made has an identifier tagged to it, so you will know when, where, what has been transacted and who performed the transaction. Our payment platform has a suite of risk management features built in to help mitigate fraudulent use of the mPOS system.

• No card holder information or data is ever stored on the phone or on the device.

• We provide blue-chip security excellence to instill user confidence in our products and services. Our technologies are encrypted with complex programming to reduce the risk of fraud and financial crimes. We are committed to protecting sensitive original data information from any malicious threats and strive to ensure secure payment processes

2. What happens if my phone and card reader were lost or stolen?

• If your mobile phone and card reader were lost or stolen by a non-authorized user, don’t panic! They won’t be able to perform any transactions with our EMV payment platform because each chip card reader has a unique serial number that is linked to your merchant account. A reader will only function with your authorized device.

• No one will be able to access the payment application without knowing both your username and PIN.

• We ensure that no cardholders’ information is stored within the device or card reader at all times. All data is encrypted to a centralized server. Inform us immediately should you be unfortunate enough to have your phone and card reader lost or stolen.