The Times They Are A Changin’
It used to be credit cards only needed a magnetic strip to store and provide account information for customers, but the winds of change are blowing again. No need to worry though, we’re working hard to make the transition as effortless for you as possible.
Many banks have already started shipping chip-capable cards within the last year and will continue to do so as cards expire in the future. They look (and taste!) like a regular credit card, but contain a chip which allows them to generate transaction specific strings of data, which in turn makes it harder for hackers or fraudsters to intercept and decode your sensitive financial information.
Come October 1st, 2015, liability for fraudulent card-present transactions will shift to the “part that is least EMV compliant” instead of falling on the issuing bank or payment processor – as it does today.
So, if a customer has a Chip & Pin or Chip & Sign capable card, and a charge is processed as Swipe & Sign, the merchant will be held liable if the charge is deemed fraudulent. To help you stay ahead of the curb and avoid non-compliance with the new rules, our team has been hard at work testing new hardware. And we think we’ve finally found our perfect pair.
No longer worry about maintaining separate peripherals for Debit and Credit payments. Regardless of which of the two (yes, two) hardware options you choose, you’ll just need one device to handle all of your card payments. Goodbye swipe reader and so long pin pad.
Both device options will offer Point-to-Point Encryption, NFC capabilities (with support for Apple Pay/Google Wallet coming soon), and the ability to replace your pole displays (coming this Winter). If you decide to go with that larger version of the two, you’ll also have the ability to forget all about having customers sign paper receipts since it will also be capable of digital signature capture and will have a full color display.
We’re currently working on the final steps to get our system through initial certification to deal with the updated protocols and expect EMV to be ready in time for the October deadline. If you’re joining us for Trek World this year, you’ll have the opportunity to pre-order your hardware and take advantage of special terms and pricing.
If you’re integrated with Chase Paymentech, you should also know that they’ve recently finalized an agreement that will transfer all gift card operations and related customer agreements to the Givex Corporation. The shift is set to happen on August 31st, 2015, but there won’t be any change in the way you process your gift cards and Chase advises that no user action will be needed if you’d like to continue with Givex as your provider of gift card services.
If you have any questions, please contact Chase Paymentch Gift Card Support at 888 464 9912, option 4 between the hours of 9 a.m. and 6:30 p.m. Eastern time.
Tags: Apple, Chase, Chip, Credit, Debit, EMV, Google, NFC, Pay, Paymentech, Pin, Wallet