Detroit-based Graphite Payments is offering the necessary hardware to help merchants handle the changes to payment processing standards in the U.S. As of October 1, merchants who have not transitioned to the new, higher security EMV card standard will be responsible for a larger share of the cost in the event of fraud or a customer data breach.
According to an industry report, more than half of American consumers were unaware of this pending transition. Merchants, however, simply cannot afford to remain in the dark. EMV debit and credit cards have become a global standard, despite the slow adoption of the technology in the U.S. Aite Group estimates that by the end of 2015, approximately 70% of credit cards in the U.S. will support EMV.
Security is the leading benefit of EMV cards. Each EMV transaction produces a unique number, a sort of “handshake” between the merchant’s POS and the payment provider. Intercepted transaction data would therefore be useless. The persistence of the more vulnerable magnetic strip technology in the U.S., meanwhile, makes the nation’s merchants an attractive target for cybercriminals.
A breach of payment card data results in expensive consequences. The pending fraud liability shift will make those potential costs even more burdensome. Typically, a forensic examination of the payment system – lasting days or weeks – is required following any suspected breach. Merchants must notify their customers of the breach, replace compromised debit and credit cards, and provide free credit monitoring services to customers for up to 12 months. Perhaps more costly is the damage to merchant’s reputation. A brand that does not engender trust in the consumer won’t survive long. Graphite Payments can help ensure merchants never have to wrestle with this scenario.
Graphite Payments is well ahead of the curve, offering custom, end-to-end merchant services and FREE EMV terminals to make this transition seamless, especially for small and midsized businesses.
Graphite Payments is a transaction processor providing businesses across the United States with comprehensive payment services and is a one-stop resource for merchant processing consulting; and their services are backed by exceptional 24-hour customer support. They have been in business for 8 years and are a member of the ETA Certified Payment Professionals.
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