CenPOS, a payment technology provider, announced today that it has certified EMV on Visa, MasterCard, American Express and Discover on the TSYS network. EMV is an international standard that regulates financial transactions with a smart card chip in replacement of a magnetic stripe. Smart card chips provide a higher level of security than magnetic stripes as they are designed to securely store data and allow secured authentication of the cardholder during the transaction. In the US, the liability shift for merchants is scheduled for October 1st 2015. Given the huge financial risk associated with non-compliance the merchant community is encouraged to independently validate that the payment solution, including the hardware, being sold to them is actually EMV certified with their merchant processor prior to purchasing the solution.
“EMV will change the landscape of the payment processing arena in the United States, we took the card brand announcement very seriously back in the summer 2011 and made this a top priority at our company. Our hard work and unwavering commitment to compliance with all card brand mandates is paying off in a big way for us and our customers as evidenced by our multiple EMV certifications under our belt,” said Jorge Fernandez, Co-Founder and Chairman of CenPOS. “We are educating merchants across the United States on EMV and the risks associated with non-compliance. We are finding that some merchants are being misled in believing that they are ready when in fact the solution that was sold to them is not yet certified. I am sure this will have legal and financial ramifications for payment professionals selling non-certified solutions,” added Fernandez.
CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.