In this article, MONEXgroup highlights the benefits of processing securely through Point of Sale (POS) terminals. Across Canada, EMV Compliance will be mandatory for all merchants using EMV chip technology by the end of 2015.
“Magnetic stripe transactions will no longer be accepted at POS after December 31, 2015” (Interac.ca). According to Interac.ca, all POS terminals across Canada must be updated to chip technology before approaching 2016.
EMV COMPLIANCE & SECURE EMV CHIP TECHNOLOGY FOR EVERY RETAILER ACROSS CANADA
1. EMV COMPLIANCE & SECURE EMV CHIP TECHNOLOGY FOR EVERY
RETAILER ACROSS CANADA
FEB 11, 2015
Founded in 1994, the EMV organization was formed by Europay, MasterCard and Visa, with the objective of standardizing a
“worldwide interoperability and acceptance of secure payment transactions”. MONEXgroup in this article highlights the
benefits of processing securely through Point of Sale (POS) terminals. By the end of 2015, EMV compliance will become
mandatory for all Canadian merchants with EMV chip technology.
“Magnetic stripe transactions will no longer be accepted at POS after December 31, 2015. EMV compliance will become mandatory for all
Canadian merchants with EMV chip technology.”
“Magnetic stripe transactions will no longer be accepted at POS after December 31, 2015” (Interac.ca). Migration to EMV Chip
Technology opened the door for retailers to a new generation of payments for a smart and secure method of storing and process ing
transactions. According to Interac.ca, all POS terminals must be converted to chip technology this year. Processing payments through
POS terminals is presently supported by EMV Specification; which adds a level of security to PIN Entry with cryptography to
support the processing communication between the card used and the merchant’s terminal ( EMVCanada.com, 2015).
With EMV, transactions operate by following a standard process with embedded risk parameter configuration, for delivering a secure
and reliable payment processing. According to EMVCanada.com Merchant Network and Opportunities, the enhancements made
toward merchant services resulted in developing a set of customer service opportunities for retailers in the Canadian market,
including:
1. Tip and Chips technology approach with portable POS terminals becoming accessible for all in-store payments processed by
retailers – not necessarily at the countertop.
2. Chip Card versus the magnetic stripe card is not just better but also intelligent! Merchants can benefit from the storage function
to track their client’s shopping activity, and use the auto-calculation feature which is available on their POS machine.
3. Contactless Cards through Tap & Go Technology is an efficient and fast way of processing transactions, especially if the
payment is to be made at the “entry to / exit from” the service area. This works best at food restaurants and theaters where small
payments are made without inserting a PIN; where the risk is set to minimal.
2. 4. Loyalty Programs are also applicable through an application set up that can reside in the same chip card used by your clients to
process their payment, without the need for using a stand -alone loyalty card.
EMV Chip technology has allowed merchants to benefit from processing and accepting payments securely with more efficient
customer service. This evolving technology of chip-based contact specification including “EMV contactless, EMV Common Payment,
EMV Card Personalization and EMV Tokenization” was supported by the initial founders of the EMV organization. For instance, t he
EMV trademark today is compatible with American Express, Discover, JCB, UnionPay, Visa and MasterCard. As a result of constant
improvement in technology and the demand for increased level of security in payment processing, the EMV compliance allowed
merchants to accept payments through an authentic use of EMV chip, an enhanced cardholder verification method and by aligning
with various ISO standards (ISO 7816, ISO 14443, and ISO 8583). Hence, the EMV specifications define the “ physical, electrical,
data and application levels for financial payment transactions” (About EMV – EMVco.com).
Source: MasterCard.com – The Benefits of EMV Chip Technology, 2015 | VISA.ca – Visa Canada’s Migration to EMV Chip Cards :
Upcoming Milestone, 2015
What are merchants looking for when processing their Payments In-Store with MONEXgroup?
A countertop device with an EMV contactless capability for processing safe transactions
A fast, reliable and flexible terminal that functions ideally in -store and with consumer interface
A sleek all-in one payment device that offers a clear, quick and efficient payment options
An Integrated solution that minimizes errors and improves the speed of service
A trustworthy merchant service provider that deals with financial institutions and card acquirers for a secure processing
transaction
Is your business using an EMV compliant POS terminal? If not, you should contact MONEXgroup today for consultation! EMV
compliance is a requirement effective in 2015.
When partnering with the number one payment processor in Canada; MONEXgroup will increase your efficiency and quality of
service and lower the related costs. Request a Cost Comparison Analysis today. Call 1.866.767.7253 and ask about our latest
promotion.