Armageddon It's Not
When shopping, todays consumer has a number of expectations. they can range from the lowest possible price, exceptional customer service, a clean retail space and so on. However, in todays environment, what is most on every consumers mind is “how are you going to keep my credit card data safe”?
Did you know that almost half of the credit card fraud, in the world, is right here in the USA? The reason is simple. For a number of years, a more secure technology for accepting credit cards has been in use throughout much of the world. This new technology is generally referred to as chip-and-pin, or EMV. This new technology is now approaching reality in the USA.
In your current environment, consumers swipe their credit card and sign for the purchase. The new EMV solution introduces a credit card with an embedded microchip that contains security data. These EMV cards are inserted in to the credit card device to read the chip. The consumer must now enter a matching “pin” to the card’s internal pin.
As the new chip cards are distributed by the banks, the changeover to the new technology will take place over the next few years. However (and this is the important part), effective October, 2015, there will be a shift on the liability for any fraudulent transaction from the bank to the retailer. In essence, which ever party has the lesser technology will be responsible for the fraud charge.
We at ICS want to protect our retailers. To do this, we have completed the work necessary to allow your Vision system to accept the new EMV cards. In the process, we are also introducing a a new fee plan for the Verifone Payware Connect gateway which removes the monthly transaction limits and all overage charges.
Our primary focus has been to:
- reduce retailer liability.
- improve merchant security and PCI compliance.
- help our retailers be prepared for the inevitable - EMV.
To learn more about this new technology and prepare your business for PCI 3.0, please feel free to contact us at your convenience.