April 15, 2015

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EMV Technology: What You Need To Know

EMV TechnologyWith the October rollout of EMV Technology for retailers and merchants much has been publicized about compliance and the shift of liability on to retailers for accepting fraudulent cards instead of the card issuers themselves. The most important thing to note–after October 15 the liability will shift to the merchant if fraud takes place at your establishment. However, two important pieces must be considered–1) you are liable if you do not upgrade your hardware to EMV compatible technology AND 2) you are liable if the fraudster uses a stolen card that has an EMV chip and you process it via the swipe method.

So what does that mean? Well it’s going to take a long time for EMV cards to roll out nationwide from card issuers. In fact, estimates say it could be well into 2018 before 96% of cards are EMV compatible. So from that respect, you have some time to get compatible. And also, remember that small restaurants are usually not hot beds of fraudulent activities by crooks. So though it it possible for someone to use a stolen card at your restaurant, and eventually you will bear the liability, it may not be for thousands of dollars. However, if it happened frequently the dollars could indeed add up, so it is well worth it to spend a few hundred dollars to upgrade your hardware to EMV technology.

American Express is offering merchants $100 gift cards right now to get them motivated to upgrade their systems. More details about that promotion by clicking here.

Need more information on this topic? Give us a call–we are happy to walk you through the ins and outs and answer any questions you might have about EMV technology and how it might affect your small business.

December 30, 2014

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Apple Pay is Here! Learn How To Accept it Today!

By now you’ve likely seen commercials for the new Apple Pay token–it’s being hyped by banks like Bank of America and Chase. We’ve had a lot of customers asking how to accept this new form of payment so we put together a quick FAQ for you. Let us know if we can help set you up on Apple Pay today!

How does Apple Pay work?

The Apple iPhone stores a token for each of the cards in its wallet. This token is read by a Near Field Communication (NFC) capable reader and is passed through the POS systems for payment. The token itself is translated into an actual credit card within the processing network for the purposes of both authorization and payment.

Can I accept Apple Pay through my MICROS system?

Yes. NFC standard protocol has been around for over a decade and is supported in many MICROS products.

What hardware do I need in order to accept Apply Pay and other contactless payments?

Most recent hardware for contactless payments is the ViVOpay 4800.  It is an easy and affordable way for customers to have the ability to accept contactless payment. Ideal for concession stands where lines can get lengthy, as well as stadiums and arenas, the ViVOpay 4800 reduces transaction time and keeps contactless payment media in the hands of the consumer. For customers with a contactless payment card, it is a simple “tap and go” to make a payment.  The VIVOpay 4800 connects to your current MICROS terminals via serial port and is compatible with MICROS RES 3700 v5.1 and higher, Simphony v1.6 and higher and 9700 v3.0 SP6 and higher.  Each device retails for $300, plus installation.

So does this mean I can use Apple Pay today?

Yes, we have customers that are using this successfully in their operations today. Most of the “heavy lifting” to support Apple Pay is associated with the downstream processors being able to map the Apple Pay tokens for authorization and payment.  Be sure to connect with your merchant services provider and have them collaborate with your Copperstate rep before implementing Apple Pay.

Does using Apple Pay cost me any additional fees, provide greater rate discounts and/or change the way settlement and money acquisition occurs?

Today we are unaware of any changes to fees, discount rates or batch settlement when using Apple Pay. Apple Pay transactions remain traditional card payments however are subject to merchant contracts. How the payment is initiated through the consumer’s device is the only operational change that needs to be accounted for with-in the restaurant today.