Future Proof Terminal Offers Merchants All-in-One Technology to Accept EMV, Mobile, Contactless and Traditional Card Payments
To continue delivering innovations that support small business, Chase Paymentech, a subsidiary of JPMorgan Chase & Co. [NYSE:JPM], have launched its new Future Proof terminal, allowing merchants to accept current and quickly emerging forms of customer payments all in one streamlined device. The new terminal helps merchants prepare for the future – by accepting EMV (Europay, MasterCard, Visa) chip cards, as well as phone-based mobile wallets and other forms of contactless payment – while maintaining a commitment to security, convenience and the current value of traditional card acceptance.
“As emerging payment options gain adoption in the U.S., merchants are looking to make the customer check-out process as easy and safe as possible,” said Mike Duffy, president of Chase Paymentech. “The Future Proof terminal is a one-stop solution for merchants to keep accepting today’s forms of payment and prepare for new consumer payment preferences on the horizon.”
The Future Proof terminal – available through Chase’s 5,300 bank branch network and at www.chasepaymentech.com – is designed for a wide variety of merchants and offers unmatched flexibility in payment acceptance. With the new device, merchants can securely and conveniently accept:
Traditional magnetic-stripe payment cards, which continue to account for the vast majority of electronic payments;
EMV-enabled chip cards, which are less susceptible to counterfeit and other forms of fraud, offering greater security and more streamlined processing;
Mobile wallets, which will help businesses in the future establish two-way communications with customers, building loyalty and unlocking new business opportunities; and
Contactless payments, which allow customers to bypass signature for small ticket items and keep lines moving for merchants.
These acceptance capabilities are critically important given announcements from payment networks that are expected to encourage the use of EMV-chip cards in the U.S. market to reduce the incidence of payment fraud for both merchants and their customers.
Merchants that accept EMV-chip cards with the Future Proof terminal, which supports both signature- and pin-based EMV transactions, can expect fewer chargebacks and may have no liability in the future for the cost of card fraud – saving them time and money. Widespread usage of EMV enabled cards in the United Kingdom and Canada suggests this type of card may reduce fraud as well.
The explosive growth of mobile payments also provides merchants a unique opportunity to satisfy consumer demand and integrate non-payment applications that can unlock new business opportunities, such as coupons and loyalty programs. The Future Proof terminal ensures merchants can accept the most common forms of mobile, Near-Field-Communication-enabled payments in the future, which Juniper Research forecasts will grow to $74 billion in transactions by 2015.
“As a small business owner, Chase Paymentech’s Future Proof terminal allows me to accept all types of payments, even the new ones,” said Mohammad Chowdhury, owner of Carnegie Hill Gallery, a custom framing store in New York City. “I had a customer from Japan pay with a chip card the other day. The interesting thing was that she wasn’t surprised she could pay with her chip card - she just expected me to accept it. I feel good knowing that my business is ready for the next generation of customers who enter my store. Whether they want to pay with traditional cards, chip cards, smart phones, I will be able to accept them all as easily and securely as I always have.”
Chase Paymentech has unmatched experience in arming merchants with the most innovative, secure solutions for accepting payments, helping them stay ahead of changes in the way consumers pay. In 2007 the company was the first payment processor in Canada to offer a terminal that supported both Visa and MasterCard EMV chip-and-PIN payments and Chase Paymentech has been processing EMV transactions in Canada ever since. As consumer payment preferences continue to evolve, the Future Proof terminal’s automated software update ensures merchants can keep up with trends without having to contact Chase Paymentech.