The Payment Card industry reprioritizes. What’s trump?

In the wake of massive card security breaches in the retail sector, the U.S. payments industry is reprioritizing to put new security measures ahead of other initiatives. What does this mean? If you’ve been following the countless discussions, you know EMV cards, with their embedded chip for added security, are in the spotlight. While they are not the answer for preventing online fraud from card-not-present (CNP) transactions, it would be a step in the right direction for modernizing our payment systems. It will take time and effort to change card processing software and hardware accordingly. The same is true for changing software and hardware to comply with networks’ requirements of merchants who want to surcharge.

While talking with industry veteran Dan DeBraal of Wind River Financial, he confirmed that, in the merchant acquiring and processing arena, EMV has taken precedence. Even though card payment systems still cannot fully support surcharging, certifying systems for EMV is the greater urgency. Security measures trump surcharging capabilities and rightly so. In a recent blog post, Dan addressed what EMV means for merchants.   

In my last blog post, I encouraged you, as buyers, to strengthen your terms and conditions with merchants to avoid surcharges. You should also do your part from a security perspective by asking your merchants to provide proof of their PCI compliance. Unlike surcharging that pits merchants against buyers, card security is a topic we all support.

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About the Author

Blog post author Lynn Larson, CPCP, is the founder of Recharged Education. With more than 15 years of Commercial Card experience, her mission is to make industry education readily accessible to all. Learn more

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