Retailers in Spokane Can Now Accept New Chip Cards Without Leasing Equipment or Long Term Contracts

Benefits of Using Chip Credit Card Technology:
1. Using a chip makes it nearly impossible to counterfeit stolen cards
2. The computer chip allows for ‘one time use’ transactions
3. Stolen chip data cannot be duplicated
4. Less risk of fraud
5. Liability shifts from the merchant to the card holder’s Bank.

Electronic Transfer, Inc. offers retail payment services to Restaurants, Retail Stores, Mobile Vendors, Online Merchants and many other legal businesses.

SPOKANE, WASH – June 24, 2015 – Electronic Transfer, Inc., a merchant services and Payment Gateway provider based in Spokane, Washington, now provides new Chip Credit Card Terminals to Retail Merchants Located in Spokane, Washington. Their merchant account services do NOT require leasing credit card equipment, cancellation fees or long term contracts.

On October 1, 2015 the credit card brands new rules take effect that shift the liability for retail Counterfeit Card Liability Shift from card issuers to merchants if they do not have a certified “EMV Chip Card Reader” to process payments.

It needs to be noted that these new rules apply to Spokane retail merchant accounts where the card is physically present during checkout and does not apply to online, website or mail/phone order payments through a payment gateway.

EMV (Chip and Pin and/or Chip and signature in the U.S.) is basically a chip in the credit or debit card that replaces the magnetic strip on the back of the credit or debit card. With the old cards the merchant would swipe a card and the credit card terminal would read the data in the magnetic strip and process the card. With the new EMV requirements the credit card terminal, pin pad or ATM, will have to read the chip instead of the magnetic strip. Once the credit card terminal reads the chip the customer enters their 6 digit “Pin Code for ATM Transactions” or sign with their signature.

MasterCard defines the liability shift on Oct 1 this way: “The party, either the issuer or merchant, who does not support EMV, assumes liability for counterfeit card transactions”. By issuer, the card companies do not mean themselves; the term refers instead to banks, credit unions, and any other financial institution issuing credit or debit cards. If the issuers can shift any of these costs on to a merchant that is not compliant you can be sure they will.

Merchants must get new payment terminals installed by the Oct 1 deadline, or the retailer bears the responsibility if they accept a stolen card.

Retail merchants still using the less secure “magstripe credit card terminals” will be able to accept credit and debit cards after Oct 1, 2015 deadline. However, they will have no protection if they accept counterfeit credit cards or debit cards as a payment method. It’s also possible they’ll get monthly non-compliance fees of $20-$40 per month and possible surcharges of 1.5%-5.0% on top of whatever their normal transaction fees are.

Retailers and Restaurants don’t need to worry though because they can upgrade to a new EMV Compliant credit card terminal or Chip Card Reader to avoid the surcharges.

If a merchant uses one of the following credit card terminals they should not have any issues meeting the Oct 1, 2015 deadline and accepting chip credit cards:

• Ingenico iSC 250 EMV NFC Terminal
• Hypercom/Equinox L5300
• Ingenico iWL250 Bluetooth
• Ingenico Terminals iCT 220
• Ingenico Terminals: iCT220 Dual Comm
• Ingenico Terminals iCT250 ( ICT250-01P1100F)
• Ingenico Terminals: iCT250 Dual Comm
• PAX S80 Dual Comm 16Mb (S80-EML0)
• PAX S80 Dual Comm 16Mb EMV NFC (S80-EML0)
• Ingenico Terminals iCT 220
• Ingenico Terminals: iCT220 Dual Comm

When Spokane merchants are searching for a new Chip Credit Card Reader they don’t need to pay high prices for leased equipment, sign long term contracts or agree to early termination fees etc.. They just need to find an honest Spokane credit card processing company who will sell the credit card terminals at a low one time cost or maybe even offers a free chip card reader if you switch to their processing. Either way be very mindful when anyone asks you to sign a lease or long term contract for you to accept the new cards.

About Electronic Transfer, Inc.:

With a long time A+ BBB Rating ETI has been setting up Spokane Merchant Services and Credit Card Processing since 1989. ETI offers Wireless Credit Card Processing and Payment Gateway services with no long term contracts or equipment leasing required. Spokane Credit Card Processing approval is not guaranteed. From accepting credit cards on a website, in a restaurant or a retail store using Chip Cards to Apple Pay, NFC and Wi-Fi Credit Card Terminals ETI can easily manage all your Non Cash Transactions. This Spokane Payment Processing is only available to U.S. based merchants with a merchant account and/or payment gateway service.

Logo: http://www.abnewswire.com/pressreleases/wp-content/uploads/2015/06/1434998044.png

“When Spokane merchants are searching for a new Chip Credit Card Reader they do not need to pay high prices for leased credit card equipment, sign a long term contract or agree to early termination fees, etc. They just need to find an honest Spokane credit card processing company!”

Media Contact
Company Name: Electronic Transfer
Contact Person: Mike Knudtson
Email: mike@electronictransfer.com
Phone: 509-924-6730
Address:3107 E. Mission Ave
City: Spokane
State: WA
Country: United States
Website: http://www.electronictransfer.com

Source: ABNewswire

ReleaseID: 31278