Moneris Provides EMV Solutions for Five Major Credit Card Brands
Last week, Moneris announced it has been accredited to self-certify both EMV chip-and-PIN and chip-and-signature terminals for American Express, Discover, MasterCard, Visa and Union Pay. It is the only processor in North America with the ability to perform self-certification for merchants on behalf of these issuers.
Because Moneris can offer payment processing self-certification, there is no need for merchants to engage third party service providers to review payment terminals before okaying them for use. Moneris can complete these requirements in-house, which means the new payment terminals will reach businesses faster.
“The ability to self-certify our EMV-ready terminals means we can work with our partners to get merchants up and running on the latest payment technology quickly and efficiently,” said Chris Lee, President of North American Strategic Partnerships and Emerging Markets at Moneris. “With this authorization we are able to provide an enhanced customer experience for businesses across North America.”
The United States currently faces $8.5 billion in annual fraudulent transactions, but 92% of experts believe that chip-enabled cards will reduce point-of-sale (POS) fraud.
Moneris has helped 95% of its Canadian merchants become EMV-enabled and is ready to support chip cards in the United States.
Amber Systems Technologies, a developer of POS software for restaurants, specialty retail stores, grocery stores and other industries, has recently worked with Moneris to integrate EMV chip card acceptance into their point-of-sale software. Such partnerships will make it easier for businesses to begin processing EMV transactions.
“As a valued partner in payments, Moneris consistently offers innovative EMV solutions in line with industry security requirements,” said Suzanne Chen, Chief Financial Officer at Amber Systems Technologies. “We are pleased that Moneris is the first North American processor to be accredited for payment processing self-certification with five major card brands and are confident in their ability to support the continued transition to EMV devices in the U.S. market.”