In today’s cashless world, a reliable and secure payment terminal SIM card is essential for businesses to ensure smooth payment processing.
For payment terminal providers and banks, the choice of SIM cards for their payment terminals can make a significant difference in service quality, security and customer satisfaction. Drawing insights from a recent case study featuring Aurora Payments and Soracom, we explore how advanced payment terminal SIM card can address common pain points and enhance payment terminal performance.
The Evolution of Payment Processing
The global shift toward cashless transactions has led to an unprecedented reliance on digital payment methods, with Australia and New Zealand among the most active adopters in the Asia-Pacific region.
In Australia, cash withdrawals dropped 40% early in the pandemic, and contactless payments, already popular, surged further as the limit was raised from $100 to $200. By mid-2020, close to 98% of all fast-food purchases were contactless, reflecting consumers’ preference for quick, touch-free transactions.
New Zealand followed a similar pattern, with cash usage declining to below 10% of transactions by 2020, as EFTPOS and mobile payments gained dominance.
As the adoption of credit, debit and charge cards continues to rise, so does the demand for more advanced and reliable payment processing solutions. This growing reliance is mirrored in market projections, with the payment processing sector expected to exceed a valuation of $147 billion by 2027.
Banks and payment terminal providers now face an urgent need to modernise their infrastructure to meet the evolving needs of this cashless economy, providing robust, secure and scalable payment solutions to keep up with the expanding volume of digital transactions.
Leveraging Advanced Payment Terminal SIM Cards for Improved Performance
As the payment processing landscape continues to evolve, the need for advanced technological solutions becomes increasingly clear. Aurora Payments, a leading payment processor, faced the challenge of ensuring secure, reliable and scalable connectivity for their wide network of merchants.
With more than 25,000 merchants across the United States and an annual transaction volume of approximately $12 billion, Aurora Payments required a connectivity solution that could support their growth while maintaining the highest standards of security and efficiency.
Below, we examine how Aurora Payments uses Soracom’s SIMs to improve performance in essential areas, offering valuable insights for banks and terminal providers aiming to advance their own systems.
Security: A Top Priority
Security is non-negotiable when dealing with financial transactions. Aurora Payments, leverages Soracom’s Virtual Private Gateway (VPG) to ensure secure data pathways.
By configuring Soracom VPG with two fixed global IP addresses, Aurora Payments can control communication channels, allowing upstream payment processors to verify traffic sources and deny unauthorised access.
For banks and payment terminal providers, adopting similar security measures through advanced SIM cards can protect customer data and build trust. Soracom’s VPG provides an extra layer of security, essential for maintaining data integrity and compliance with financial regulations.
Reliable Connectivity: The Backbone of Payment Processing
Consistent and reliable connectivity is crucial for payment terminals. Intermittent or weak connections can lead to transaction failures, frustrating customers and harming business reputations. Soracom’s suite of connectivity options, as utilised by Aurora Payments, ensures robust connections almost anywhere in the world.
By integrating Soracom’s multi-carrier SIM cards, payment terminal providers can offer dependable connectivity, minimising downtime and ensuring smooth transaction processing. This reliability can be a significant competitive advantage, especially in areas with challenging network conditions.
Scalability: Preparing for Growth
As the payment processing market expands, so does the need for scalable solutions. Aurora Payments serves over 25,000 merchants in the United States, processing an estimated $12 billion annually. This level of scalability is achievable through strategic partnerships and advanced technological solutions like those provided by Soracom.
For banks and payment terminal providers, choosing scalable SIM card solutions means they can support growing transaction volumes and expand into new markets without overhauling their infrastructure. Soracom’s flexible connectivity options streamline this process by simplifying the need for connectivity management.
Instead of managing multiple SIMs across different regions or devices, a single SIM solution can provide global coverage, reducing the need for complex hardware and cutting down on hardware costs. This approach also eases logistical challenges and enables faster deployment in new markets.
Additionally, with Soracom’s unified billing model, payment providers can simplify account management, tracking all usage and costs through a single invoice. This streamlined approach to billing not only reduces administrative overhead but also offers better cost predictability, allowing providers to focus on scaling their operations smoothly.
Ease of Integration: Seamless Transitions
Integrating new technology with existing systems can be a daunting task. However, Aurora Payments demonstrates that with the right partnerships, this process can be smooth and efficient.
By working with developers to create vertical-specific solutions, they ensure that new systems can leverage existing infrastructure through seamless integration.
Selecting SIM cards that offer easy integration can reduce transition times and costs. Soracom’s IoT SIM cards are designed to work with a variety of devices and systems, simplifying the integration process and reducing operational disruptions.
By prioritising security, ensuring reliable connectivity, enabling scalability and facilitating easy integration, these advanced payment terminal SIM cards can enhance performance and support the evolving needs of the cashless economy.
For more information on how Soracom’s IoT SIM cards can transform your payment processing systems, contact us at Thinxtra, the exclusive distributor of Soracom services in Australia, New Zealand and Hong Kong. Let us help you take your payment terminal connectivity to the next level.
