The leading U.S. tech company now offers merchants early transition of EMV migration, before the liability shift deadline, October 2015.
Leading U.S. technology and payment processing company, TouchSuite, today announced that it will be offering current and prospective small business owners the opportunity to add the more secure and sophisticated EMV chip technology to their customer payment options, more than a year before the October 2015 deadline of the mandated liability shift. As a forward-thinking technology company, TouchSuite is one of the first U.S. payment processors to begin offering the EMV-compliant and certified terminals, which permits merchants to accept most international cards, reduces fraudulent activity, and thereby, results in an immediate increase in revenues.
“The upcoming EMV liability shift is something that will affect every single merchant that accepts credit card payments, yet there is a great level of unawareness about how its ramifications can impact business owners, especially amongst smaller merchants,” said TouchSuite CEO Sam Zietz. “By beginning to offer EMV-certified terminals in a secured infrastructure more than a year in advance of the deadline, we hope to help small and mid-size businesses avoid the inevitable rush to migrate, which will no doubt center on larger retailers and chains, and leave smaller merchants scrambling for support and facing devastating transaction liability.”
Once the liability shift takes hold, if a merchant lacks the EMV-certified technology to accept a chip–enabled card transaction from occurring, that merchant will be liable for any fraudulent activity associated with the transaction. Card issuers nation-wide are including chips in all new consumer cards, and merchants are moving to EMV-certified technology to increase overall security and reduce fraud resulting from lost, stolen and counterfeit cards. With the EMV-compliant terminals and smart technology capabilities, TouchSuite’s small business merchants can not only rest assured that their customer’s consumer identity is safeguarded and that they are free of liability in the event of transaction-related fraud, but they can also anticipate increased revenues as a result of broadening and securing consumers’ payment options. For more information regarding EMV compliance and merchant preparations, visit www.touchsuite.com/emv.