Today we are pleased to announce that Spectra and myStratus Desktop have now been EMV Certified!
Why is this important?
If you use a credit/debit card, you have probably noticed the electronic chip embedded on the front of your new cards. Have you ever wondered what it’s there for? Well, the credit card industry is about to take credit card security to a whole new level. EMV, which stands for Europay, MasterCard and Visa, is a technical standard for smart cards and the technology used to authenticate them. The U.S. card issuers are finally making this important technology mandatory in order to protect consumers and reduce the costs of fraud.
As an incentive (or more of a stick) to force all merchants (meaning you) to replace old style magnetic-stripe readers with the new secure chip-readers, credit card issuers have imposed an October 2015 deadline. Beginning in October, the liability for any fraudulent transactions will shift to whichever party is the least EMV-compliant. That means if you are still using the old style mag-stripe reader to process your card-present transactions, you will become liable for any fraudulent activity.
How does it work?
With EMV (chip-based) cards, you no longer have to quickly swipe the card through the reader, hoping that the card is facing the right direction and hoping the magnetic stripe still works. Instead, you will “insert” the card into a terminal slot and wait for the card to be processed before removing. Obviously, this means you’ll need to purchase or lease new equipment that is capable of reading these new chip-based cards.
To meet these stringent new requirements, we have integrated our products with the Genius® Customer Engagement Platform® by Cayan™, an industry-first solution that solves the challenge of how to support traditional credit/debit payments and new mobile-payment options, like Apple Pay. The new integration with Genius is extremely simple to set up, to learn, and to use!
Are there other benefits for me?
Yes, implementing the Genius device in your business will give you the following benefits in growing your business:
- Avoid the liability-shift by using an EMV-certified solution.
- Accept mobile payments via NFC/QR codes (Apple Pay, Google Wallet, LevelUp).
- Accept pin-based debit cards (which substantially lowers credit card processing fees).
- Accept gift cards.
- Utilize a secure token-based system that allows for recurring payment plans.Simplified PCI validation with NO ANNUAL PCI COMPLIANCE FEE.
- Digital signature capture.
- Fully integrated with Spectra and myStratus Desktop.
When will it be released?
Our new EMV-certified solution will be included in our new Spectra and myStratus Desktop 2015 Volume 2 release. This release, offered free of charge to all current subscribers, is being rolled out now to select customers and will be fully released over the next couple weeks.
In the meantime, if you already use Cayan for your credit card processing, you may contact your Cayan representative to order your Genius device today!
If you are not currently using Cayan for your credit card processing, Cayan will meet or beat any rates you are currently paying, ensuring you are receiving cost-effective processing. In addition, Cayan doesn’t lock you into expensive contracts, meaning they have to earn your business month after month.
If you are not currently on a myStratus subscription or Spectra maintenance plan, contact us today for information on getting current.
It is important to note that during this transitional period, old style mag-stripe readers will continue to operate just fine. Also note that the Cayan Genius platform is currently available in the U.S. market only.
Summary
We are so thrilled to reach this important milestone! We are committed to doing everything we can to help you build a successful business. If you have any questions on our new EMV-compliant solution or the upcoming “liability-shift,” please give us or Cayan a call. We’re here to help!
Read more about Genius here
Contact a Cayan representative 800.941.6557
Contact a StudioPlus representative at 888.862.4868