Staples Inc. today announced plans to accept two new payment options that will give its customers a convenient alternative to cash.
Staples will begin installing MasterCard PayPass-enabled readers and chip card terminals in its 300 Staples Business Depot and Bureau en Gros stores across Canada beginning early in 2009.
"We're excited about our plans to further enhance our customer experience through the value that these MasterCard payment technologies provide," said Steve Matyas, president of Staples Canada. "We want all of our stores to be ready to offer our customers the newest innovation in enhanced payment security and convenience."
Credit and debit cards are being upgraded with chip technology in order to enhance the security of payments. The way you complete a transaction with your MasterCard chip-enabled card will change, but the card will continue to function as a normal credit card with all the same features. In the future, instead of swiping a card that has a magnetic stripe on the back, cardholders will insert a card that has a computer chip embedded on the front. Instead of signing to verify a payment, cardholders will enter a private Personal Identification Number (PIN).
In addition to better security protection, the chip system can be used to provide innovative new payment features like MasterCard PayPass. With the PayPass payment feature, MasterCard cardholders authorize their transactions securely via radio frequency (RF) by "tapping" their cards against a PayPass enabled point-of-sale payment terminal. Signatures are not required for purchases under $50 (Canadian) and receipts are always available. Purchases over $50 (Canadian) will still require a receipt signature. A PayPass transaction is faster than paying by cash and designed for busy merchant environments like Staples Business Depots.
"MasterCard is pleased to be working with Staples to provide our innovative payment solutions to their customers," said Kevin Stanton, President of MasterCard Canada. "We believe that both chip and PayPass technologies will bring significant benefits to Staples stores across Canada. I think this is yet another wonderful example of how merchants and MasterCard work together to provide Canadians with the speediest and ever more secure experience at the point-of-sale."