JACKSONVILLE, Fla., July 15, 2015 /PRNewswire/ -- The Transaction Group (TTG), a leading provider of credit card processing and non-cash payment solutions, is helping businesses become EMV compliant prior to the 'EMV liability shift' deadline of October 2015, by providing free EMV terminals and PIN pads.
As the EMV liability shift quickly approaches, the migration to the use of EMV equipment is necessary for all merchants that handle customer-facing credit card transactions. If fraud occurs while equipment is not in place, merchants will carry more of the financial burden.
While it may be an inconvenience for merchants to implement new equipment, it is critical. "Security breaches like the Home Depot and Target hacks in recent years cost the credit card industry billions annually. In each of these cases, the data from 40 to 50 million individual credit cards was compromised. So in addition to financial losses, these breaches exponentially increase customer risk of identity theft," said Michael Rupkalvis, President of TTG.
EMV technology delivers a much more secure transaction process. EMV chip & PIN credit cards utilize an embedded "smartchip" that uniquely encrypts data for each and every transaction. If a breach were to occur, stolen credit card data would be impossible to decipher.
Breaches and data theft happen for two reasons: 1. From the antiquated magnetic strip technology that does not encrypt card data during the swiped transaction, and 2. Credit card data being copied when the credit card leaves the cardholder's possession.
TTG intends to solve both problems by providing merchants with a hi-tech EMV terminal to handle chip card transactions, as well as a customer-facing PIN pad with an EMV port so that the customer has possession of their credit card through the transaction process.
Rupkalvis says, "This is a really unique year in our industry. Many merchants aren't aware of what's coming down the pipe. We feel it's necessary to educate them and are happy to make the transition easy by giving away hi-tech terminals and PIN pads. And, we're saving businesses money by lowering their existing rates and fees. It's a win-win."
Contact TTG to learn more about the free EMV terminal program as well as other service offerings.
About The Transaction Group
The Transaction Group (TTG) is a leading provider of credit card processing services and non-cash transaction processing solutions. TTG has helped U.S. and international businesses locate cost-effective and reliable payment services since 2004. By utilizing a network of industry processing partners and professionals with a combined 60 years of experience, The Transaction Group is able to offer innovative Internet and retail payment processing solutions for low-risk and high-risk businesses worldwide. For more information, please visit www.thetransactiongroup.com, or call 888-383-8056.
PRLog ID: www.prlog.org/12475464
SOURCE The Transaction Group