Yespay International Ltd. this week announced plans to offer U.S. merchants assistance in upgrading their point-of-sale systems to accept EMV chip-and-PIN cards. In doing so, the London-based services provider hopes to reduce their exposure to fraud by alleviating the need for holders of chip cards from other countries to initiate transactions using signatures and the cards’ magnetic stripes.
Yespay recently completed the EMV certification process for its Emboss card-payment services with U.S. merchant processors Chase Paymentech Solutions LLC and First Data Corp. Emboss is designed to manage the authorization routing and settlement of EMV credit and debit card transactions.
Additionally, Emboss enables merchants to “fast-track” the implementation of integrated EMV card acceptance for in-store and unattended payment systems, says Chandra Patni, the company’s CEO. Moreover, merchants also may enhance their website for online payments through tighter security perimeters.
Earlier this month, Yespay’s Emboss platform became Canada’s first EMV card-acceptance service also certified by Chase Paymentech (see story).
Yespay is not the only company to offer EMV card acceptance in the U.S., Patni tells PaymentsSource. In fact, several merchants, including Wal-Mart Stores Inc., would like to see the U.S. migrate to EMV technology (see story).
Merchants that use Yespay’s services also may save money. Because Emboss complies with Payment Card Industry data security standards, merchants do not have to spend the money to get their own certifications, Patni says.
Overall, “retailers save about 65% of the cost by not having to become certified,” he says. And because Emboss addresses merchants’ needs in a single location, they do not have to outsource other parts of their payment services to other companies.
Yespay charges merchants monthly fees based on transaction volume. For up to 500 transactions per month, merchants usually pay about $25.62, according to the company.
Enabling U.S. merchants to accept EMV cards is a step in the right direction to combat fraud, Wesley Wilhelm, a senior analyst with Boston-based Aite Group, tells PaymentsSource. “Cross-border fraud is definitely a nice deployment angle,” he says. “When international consumers come to the U.S. to transact business, chip-and-PIN is a far more secure environment.”
Moreover, “in international countries where chip-and-PIN is the standard, it is becoming far more difficult for U.S. consumers to use their magnetic-stripe cards,” Wilhelm says.