SOURCE: Signature Card Services
WEST HOLLYWOOD, CA--(Marketwire - Mar 22, 2013) - Signature Card Services, the industry-leading payment processing services provider, is helping merchants make a smooth transition to EMV well ahead of the deadlines set by card networks. The company has made EMV-enabled terminals available to its entire network of agents, and is providing them with the education and technical support they need to help merchants embrace the change.
"We believe the biggest challenge for merchants is their reluctance to learn a whole new technology -- which is understandable," explains Aaron Slominski, Senior Vice President of Sales for Signature Card Services. "But it's important for merchants to understand that EMV will ultimately mean good things for their businesses. And Signature Card Services agents are prepared to help merchants leverage these benefits, every step of the way."
EMV has been adopted by nearly every country in the world, except for the U.S., and the major card networks are changing that. The networks are requiring that U.S. processors, sub-processors and certain larger merchants support acceptance of EMV transactions no later than April 1, 2013. Each network has its own EMV migration plan, including incentives for adoption and penalties for those who do not.
EMV improves security and lowers PCI compliance costs, as EMV facilitates the use of chip-based "smart cards" that store encryption data to prevent cloning. Magnetic stripe cards simply do not have the same data storage capacity and are highly susceptible to cloning. "Because chip cards are so secure," Slominski explains, "merchants that are EMV-capable may ask the card networks to eliminate their annual PCI audit requirement. This could add up to big cost savings."
Additionally, the ability to accept mobile payment transactions is another key benefit of migrating to EMV. As near field communications (NFC) technology continues to improve, new contactless payment options are emerging in the market. With the strong U.S. consumer demand for mobile payment capabilities, the transition to EMV is perfectly timed.
Explains Slominski, "The new terminals Signature Card Services is using are both EMV and NFC compatible, making it easy for merchants to earn the maximum benefit. The merchants who move now to set up the EMV infrastructure needed to handle contactless payments will be the ones who will make the early gains."
Ultimately, Slominski is confident that merchants will recognize the opportunities EMV brings. "We believe EMV is more than just a payment acceptance standard. EMV empowers merchants to integrate payment solutions with applications that increase traffic and sales. From transactions via smartphones to demand-building applications such as digital loyalty programs, e-coupons and more, EMV will transform the payment industry. And by making sure that both agents and merchants are educated and ready to make the change, Signature Card Services is working hard to ensure the transition is seamless and hassle-free for everyone."
For information about the solutions Signature Card Services provides for EMV migration, call 1-888-334-2284. To learn more about Signature Card Services, visit www.signaturecard.com.