Moneris Solutions Corporation (Moneris), one of North America's largest processors of debit and credit payments today announced that Verifone will be the exclusive provider of EMV-enabled countertop terminals to Moneris' merchant clients in the United States.
Moneris will offer merchants seeking countertop EMV-capable payment terminal solutions the Verifone VX 520. As one of the most advanced, reliable countertop payment devices in the market today, the VX 520 offers enhanced connectivity and is an ideal solution for merchants that want to upgrade their existing devices or are seeking net-new solutions that can support EMV and NFC payments, such as ApplePay.
"We're pleased to be able to work with Verifone as a key partner in our work to help U.S. merchants transition to EMV-enabled payment devices," said Chris Lee, president, North American strategic partnerships and emerging markets. "Verifone is a leader in next generation EMV solutions and the VX 520 offers merchants a cost-effective, durable, feature-rich product that can manage everything from EMV to contactless payments."
The shift to EMV could have major implications for merchants in the U.S., as card associations shift the liability for certain fraudulent non-EMV transactions from issuers to acceptors starting in October 2015. Moneris is a pioneer in EMV conversions, with more than 95 per cent EMV-enablement of its over 350,000 merchant locations. It provides advanced payment solutions with hassle-free, innovative, and secure service that enhances the customer experience.
"It is no secret that merchants in the U.S. are facing considerable complexity as they prepare for the pending EMV liability shift," said Shan Ethridge, vice president and general manager, North America Financial Services Group, Verifone. "This partnership will help streamline the process for Moneris' clients by providing them with the terminal solutions they need to securely accept not only EMV, but also NFC and other forms of payment that are growing in popularity among consumers."
Moneris will begin offering the VX 520 starting in May 2015. This EMV-enabled terminal solution from Verifone features a powerful processor and expandable memory that handles encryption, decryption and processing at lightning speeds. Integrated NFC capabilities support alternative payments as well as value-added applications such as loyalty or gift card acceptance. It can support all EMV-related transactions and will serve as the main solution for Moneris' new clients as well as terminal upgrades for existing clients.
This relationship with Verifone furthers Moneris' efforts to assist merchants in transitioning to EMV, with a focus on reducing security risks by providing solutions with a layered security approach that combines EMV, end-to-end encryption and tokenization. This approach helps reduce PCI-compliance costs and minimizes liability in the event of a network intrusion.