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EMV Migration May Be Easier Than U.S. Merchants Think, Says Signature Card Services
WEST HOLLYWOOD, CA, Mar 22, 2013 (MARKETWIRE via COMTEX) --
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.
Contact:
Bonnie Moss
Email Contact
818-995-8127
SOURCE: Signature Card Services
http://www2.marketwire.com/mw/emailprcntct id=20090CBFB9DB7DBB
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