Right now, U.S. banks are issuing new payment cards with computer chips to consumers.
And right now, U.S. merchants are being urged to implement new chip-certified terminals to accept chip cards.
It’s all happening in preparation for three little letters that carry BIG implications starting October 2015 … EMV.
EMV is a set of specifications for chip cards and acceptance devices (i.e. POS terminals, ATMs) used for authenticating credit and debit card transactions.
At the moment, merchants aren’t required to support EMV in the U.S. This will change in just a few short months.
In October 2015, the nationwide shift to EMV will become REGULATION.
So if consumers have these chip cards, all’s good, right? Wrong. That’s only the half of it.
Merchants will need the right terminals for the security coverage to work. As stated in a recent Wall Street Journal article, A chip card doesn’t guarantee greater security, retailers need new equipment to accept chip cards — and most merchants are scrambling to make the transition. They can’t get card readers fast enough.
Why do retailers need new equipment to accept chip cards?
When the liability shift takes place October 1, 2015, the party with the “lesser” payment technology will be liable for charges incurred due to card fraud at the point of sale.
An Example: If a merchant is using an old system, they can still run a transaction with a swipe and signature. BUT … the merchant will be liable for any fraudulent transactions if the customer has a chip card.
What does that mean for Constellation Payments customers?
Companies like Constellation Payments are prepared to make the transition to EMV a seamless one for businesses and their customers. Simply put: we’ll make the migration process as easy as possible.
We’re well into our EMV-enabled integration terminal solution initiative. We have identified terminals that are currently in the testing and certification phase. The terminals range from simple countertop devices to more robust touchscreens with greater functionality.
Once the certification and testing process is completed, we’ll supply the terminals to our clients, as well as provide support options.
Clients of Constellation Payments will not have to go through the EMV certification process or certify their pathway. They’ll only need to use the simplified specs we provide for a quick and smooth integration process.
Have questions or want to learn more? Give us a call at 888.248.7060 or send an email to email@example.com
Rick is a Business Development Executive with over 20 years of experience running a successful membership-based company built around a lucrative recurring revenue business model. As an Executive for Constellation Payments, a fully integrated and proprietary payment gateway and merchant service provider, as well as for Member Solutions, a leading provider of full-service billing for enterprise businesses, Rick enjoys working through complex business models, and leveraging proven payment processing strategies for maximum effect.