By Mike Matthew
Special to The Laker / Lutz News
In just a few months, business owners who process credit card payments will benefit from a favorable new rule regarding Fraud Liability — so long as they meet certain criteria.
“Beginning in October, 2015, the liability on fraudulent transactions switches to the issuing bank instead of the merchant, so long as the merchant is able to process credit cards that have the new chip technology,” explains Terry Inman, President and CEO of Vecter Technologies, LLC. “The new chip technology is known in the industry as EMV (Europay MasterCard Visa) which is a technical standard for smart payment cards.”
“However, businesses that are unable to process smart cards will continue to be liable for fraudulent transactions,” Terry explains.
In order to benefit from this important change, Vecter Technologies is updating its current customer base, while also helping new merchants, by providing compliant credit card processing equipment needed to process EMV transactions.
“Vecter loans EMV capable equipment to qualifying merchants at no cost,” says Terry. “Vecter never leases equipment to its customers, as equipment is constantly changing to meet processing demands. In many cases, merchants are stuck in a lease where the equipment they are using is no longer a viable solution. Lease options can be a costly investment to the merchant.”
Terry goes on to say, “We encourage businesses to upgrade their equipment which will allow them to accept EMV, near communications, and swipe transactions now, and not wait until the liability shift in October.”
EMV cards, or smart cards, which have been in use for years in Canada and Europe, have a small computer embedded in them which significantly reduces credit card fraud.
“These smart cards help with fraud prevention and will not be usable if a thief attempts to skim the card numbers, which is unfortunately something that can happen with magnetic stripe cards today,” Terry stated. “Even though Pay at the Pump stations and ATM locations are prevalent to these type of fraudulent transactions, the Fraud Liability shift for these services will not go into effect until October, 2017. The reason for the delay is due to the significant equipment investment and the limited number of certified installation technicians across the country.”
“The liability shift gives issuing banks a real incentive to provide customers with EMV credit cards,” Terry said, “even though they are more expensive to manufacture than traditional magnetic stripe cards commonly used today.”
“This means smart cards will quickly become the standard card used by most consumers. It’s essential that businesses update their processing equipment so they are ready to accept smart card transactions,” Terry noted.
In addition to providing credit card processing services, Vecter Technologies has a proprietary point of sale system (POS) called Total Commerce. It also offers an industry specific POS system for cigar merchants called Fuego Total Commerce, and a software application specifically designed for private schools called Total Campus, in order to provide a cashless environment. In addition to having their own frontend gateway, they are also certified on most Point of Sale software solutions including tablet systems such as BreadCrumb, iConnect, and ShopKeep.
Vecter Technologies, with sales offices in 22 states, differs from its competitors as its sales agents earn a portion of the residual revenue instead of an up-front commission. “This creates a personal relationship between the agent and the merchant. It also provides a real incentive for the agent to assist in resolving any merchant related issues that may arise,” said Terry.
Vecter Technologies is a register Agent of Citizens Bank NA, Providence, RI and utilizes WorldPay as its primary acquiring partner.
Terry and his wife, Kristan, are the sole owners of Vecter Technologies, LLC. The main office is located in Land O’ Lakes, Florida. They welcome calls from business owners wanting to learn more about the upcoming industry changes and how they can prepare their business for the future.
(888) 795-1280
2711 Letap Court, Unit 102
Land O’ Lakes, FL 34638
Vecter Technologies…A Direct Line to the Future
