There are many reasons as to why it is important for business owners to be mindful of your payments. First, it’s your revenue, do you really want hackers to take from you what you work really hard to earn? Second, if you are not vigilant in your quest for security around payments, how long do you think your customers will remain loyal to your business? Payment security isn’t a sexy topic. It’s often a scary one. Anyone that owns a hotel or restaurant or store understand that without having the ability to process payments, they couldn’t do things like make payroll, keep the lights on or deliver their products and services.
Merchant Link supports card swipes and PIN Pads today from Verifone, Equinox, Ingenico, MagTek and ID Tech for point-to-point encryption.
Implementation is going to depend on a few factors and what you would like to accomplish. Merchant Link is deploying EMV ready solutions today with TransactionLink™ using EMV capable PIN Pads. However, the timeframe to deploy is likely going to be dependent on the POS/PMS provider integrating to TransactionLink. We have a couple that have already done so but most will likely be ready in the early summer timeframe. This will allow clients to deploy the infrastructure for EMV including TransactionLink and the appropriate PIN Pads. Those PIN Pads will only be used to process magstripe transactions.
Merchant Link is doing a lot to prepare for EMV! One of the biggest challenges with EMV is the certification process and requirements shift radically from the magstripe world. The certification is no longer completed strictly between Merchant Link and the payment processor. With EMV, we must certify the solution from the card reader/PIN Pad all the way to each card brand as it is the brand that must decrypt the chip data. Additionally, any changes that happen along that path require recertification. This means that to keep our customers from having to be involved in certification, we must deploy a solution that includes ways to drive the PIN Pad and customer interaction and process directly to Merchant Link outside of the POS/PMS. This is a pretty big shift and requires a number of components.
First of all, EMV is not a mandate. We hear a lot about the looming October 2015 date but there are a lot of misconceptions about what will happen at that time. Rates will not increase for non-compliance and fines will not be issued but rather the chargeback liability rules will shift.