Good for Business
Business owners cut their costs in half. A merchant is charged a fee by her bank whenever she runs a credit card – typically 3%. But Bling Nation will provide the same service for half that, and provide it more securely – a "win-win". That's not a hard sell. The only drawback is that her bank has to be "on the network." Since use of the technology is still new, it's not yet widely available. Business owners may want to talk with their banks. Better still, send them this article.
When an customer disputes a charge on their credit card, the merchant will get a "charge-back" – the credit card company will take the money back from them – if her company was not following specific rules. (Here's a tip: credit companies excel at tracking their money.) But Malka says that may be a rare occurrence with Bling Nation. "In fact," he added, "to date we have seen zero charge-backs." He pointed out there was no guarantee a charge-back wouldn't occur, but it's an impressive record so far.
From the liability standpoint, most identity theft laws say if you have a data-breach, you don't have to report it if the information was encrypted, and the "key" hasn't been lost. (See More Information below.) This means business owners can easily comply with those laws.
Secure RFID technology may not be the holy grail of data security, and it does not address other forms of identity theft. It may prove to be, but only time will tell for sure. In the mean time, it does level the playing field for consumers.
