Moneris Solutions said on Wednesday (Feb. 24) that, as one of the largest debit and credit card payments processors in North America, it has been accredited to begin self-certifying EMV chip-and-PIN and chip-and-signature terminals for five major credit card brands.
The company said in a press release that it is now the only processor in the region with the ability to do that same self-certification for merchants for Discover, American Express, Visa and UnionPay, among others. The firm noted that the transition to EMV contact- and contactless-enabled solutions can be done faster and more affordably. The use of self-certification, said Moneris, eliminates the need to engage third-party service providers that review payment terminal tests and sign off for these solutions to go to production. “As an accredited processor for payment self-certification, Moneris is able to complete these requirements in-house, offering greater control and faster time to market,” the company said in the release.
Offering statistics showing the challenges confronting U.S. businesses, Moneris said that the country experiences $8.5 billion in annual fraudulent transactions, and yet, with the movement to EMV, said the firm, 92 percent of professionals think the chip cards will help reduce point-of-sale fraud. In terms of breadth, Moneris said that it has been able to help more than 95 percent of merchant customers in Canada transition to EMV and also to work with chip cards in the United States.
In a statement that accompanied the self-certification release, Chris Lee, president of North American strategic partnerships and emerging markets unit at the firm, said: “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. With this authorization, we are able to provide an enhanced customer experience for businesses across North America.”