Over the next five years, the point of sale system install base in North America is poised to grow at a rate of about 9% annually.
Over the last few years, POS VARs have seen their territory encroached on many different fronts. With revolutionary mobile payment solutions like Square becoming prevalent in the marketplace, selling POS to small businesses has become so competitive that many VARs are walking away altogether and missing out on lucrative opportunities.
Since the EMV liability shift, IT solutions providers have been searching for solutions that are EMV capable, but also help your merchant clients minimize costs and the scope of PCI compliance. So, what are the best options?
What has changed since the October 1 EMV liability shift? For most consumers and merchants, the short answer is, not much. With the exception of some merchants now having liability for fraud involving certain card-present, chip card transactions, the changes promised with regard to EMV will take some time to be fully realized.
Cyber Awareness month just came to a close and it raised awareness about the need to secure one of the most challenging environments — mobile point of-sale (mPOS) systems.
In a perfect world, we would have enough time, money, staff, and luck to make our day-to-day pretty simple. I’m understating the obvious by saying we simply don’t have those luxuries. The Retail Solutions Providers Association (RSPA), the point of sale technology industry association, is here to help our members by providing knowledge and connections to help close the resource gap that exists for so many in the SMB market. Below are the five reasons you should consider taking a deeper look at RSPA.
We are now a couple of weeks past the October 1 EMV liability shift, and VARs and ISVs are starting to realize that there is action they have to take. The community is continuing to hear about EMV from the media, and increasingly from payment providers. EMV technology is here to stay, and delays in adopting compatible solutions could result in liability to businesses long term. With EMV in effect, the time is now to implement the necessary solutions and technology to protect your business.
EMV (Europay, Mastercard and Visa), a global standard for chip card technology, has been at the heart of payments news over the past few months. The October 1 liability shift date signified that merchants nationwide will assume liability for fraud if they lack point-of-sale tools that can accept the new chip cards. While there is still a long way to go before EMV becomes America’s new normal, the process of merchant conversion is well under way. Consumers and merchants alike are adapting to the EMV learning curve as the rollout continues.
After a four-year head start, the Oct. 1, 2015 EMV deadline came and went with little fanfare. Only about 30 percent of credit and debit cards are currently EMV (Europay, MasterCard and Visa) enabled, according to eight financial institutions surveyed by the Payments Security Task Force. That number is expected to double by year’s end and increase to 98 percent at the close of 2017, when the liability shift goes in effect for gas stations.
The EMV liability shift deadline has come and gone. That means all U.S. businesses using non-EMV-compliant technology will be held responsible in the event of a fraudulent payment card transaction. While these new cards may be unfamiliar to shoppers stateside, it’s a transition that many other countries have successfully made.