STORIS Supports EMV Liability Change
September 4th, 2015 by the STORIS Marketing Team
Effective October 1, 2015, STORIS will offer clients credit card processing that supports EMV liability changes. “STORIS wants to stress the importance of changing over to EMV processing and the positive impacts this new technology can bring to retailers,” says Technical Project Manager David Graham who headed this initiative. “Further, the risk of not upgrading to more secure processing methods could be devastating to retailers of any size. STORIS has been working diligently to make sure the services we provide to our customers put them in a strong, secure position.”
Credit card breaches present a prevalent threat for corporations and small businesses alike in the United States. The leaders in the industry, Europay, MasterCard, and Visa, are jointly enforcing new liability policies due to take effect in October 2015. Many European nations and Canada have been using advanced EMV technology, commonly referred to as “chip and pin”, for years and soon the U.S. will too.
Retailers will have the responsibility for any fraudulent activity that occurs in their stores if they are not compliant with EMV changes set forth by the major credit card companies. Whichever party, the retailer or the credit card institution, is more liable for putting the consumer at risk will take on the financial burden of the theft. Previously the responsibility would have been solely that of the credit card company.
And STORIS is on board. “As the leading provider of Retail Software Solutions to the home furnishings industry, we have a responsibility to the hundreds of retailers we service and to their customers to deliver the most secure technology in the market,” said Donald Surdoval, CEO. STORIS began developing their EMV capability in 2014 and will soon offer the service to retailers.
STORIS chose Shift4® Secure Payment Processing for their integration so that retailers using STORIS’ current credit card processing can continue to work with their trusted financial partners and begin working with new ones.
The adoption of EMV in a retail store is important, because this sophisticated system helps to thwart security hacks by an estimated 70%, according to New Science. EMV is designed to make the process of stealing data much more difficult, protecting the account owner from theft. STORIS continues its leadership position by providing its retailers with this next layer of fraud protection. The sense of security that a consumer feels when shopping at a retailer is vital to maintaining a competitive advantage and building brand trust.
For more information on STORIS’ new EMV certified Credit Card Processing integration, or any questions on EMV liability changes, contact 1.888.4.STORIS.