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New Processing Methodology

Category: Recent Articles  |  Permalink

Published: Tuesday, April 23, 2013

New Processing Methodology

 

The New Generation of processing devices is knocking on our doors...All the card associations, have decided to implement EMV and NFC as the new method to process card transactions in the US. In a nutshell, it's processing via NFC (touch and go), or EMV (Europay, MasterCard, Visa), which is chip based processing.

 

The truth is, for years this method has already existed in all five continents. Fraud as well as chargebacks have been drastically reduced, and we here in the US are the last ones to implement it.

 

So let's look at the timelines the card brands have communicated:

  • October 2012: TECH Innovation Program (TIP) PCI validation relief for Level 1 and Level 2 merchants that meet certain criteria and adopt dual-interface solutions (note: must be capable of actually processing EMV cards and NFC contactless payments; merchants cannot just install "EMV ready" equipment.
  • April 2013: Acquirer Chip Processing Mandate Acquirers and processors must support the ability to process EMV transactions and NFC contactless payments.
  • October 2015: Liability Shift from Issuer to Merchant. Merchants of any size, excluding those with Automated Fuel Dispensers (AFD, or "pay at the pump"), will be liable for domestic and cross-border counterfeit fraud committed at the point.

How does it affect you the merchant and why should you care?

 

Well, the liability shifts away from you the merchant in October 2015.

If you can prove that at the time of the occurrence you had an EMV/NFC capable terminal, with a compliant application that can handle these types of transactions, the responsibility for chargebacks or fraudulent transactions, shifts away from you, to the issuer or other parties involved in the transaction.

This is very simple math. An investment of a few hundred dollars in a terminal that can handle these types of transactions, can allow you to feel secure and stress free about this portion of your business.

You have still time to think this over, but remember when your terminal breaks down or when we get closer to the due date, consider this investment for your business...

 

Please reach out to us for any questions you might have

 

Info@ultimatepaymentsolutions.com , office # 818 981 8584

 

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