The Truth Behind EMV Chip Cards and Your Dealership

by

Digital Dealer explores “The Truth Behind EMV Chip Cards and Your Dealership” in its May 2016 article written by CenPOS CEO, Chris Justice.

It’s been widely publicized that merchants are not ready to accept chip cards but little news has been shared about the consequences.  The article discusses why EMV is important, why you should care, and what to do about it.

 

CenPOS certifies for EMV on TSYS

by

CenPOS certifies for EMV on TSYS

Miami, FL (PRWEB) June 23, 2015

Article Link

CenPOS, a payment technology provider, announced today that it has certified EMV on Visa, MasterCard, American Express and Discover on the TSYS network. EMV is an international standard that regulates financial transactions with a smart card chip in replacement of a magnetic stripe. Smart card chips provide a higher level of security than magnetic stripes as they are designed to securely store data and allow secured authentication of the cardholder during the transaction. In the US, the liability shift for merchants is scheduled for October 1st 2015. Given the huge financial risk associated with non-compliance the merchant community is encouraged to independently validate that the payment solution, including the hardware, being sold to them is actually EMV certified with their merchant processor prior to purchasing the solution.

“EMV will change the landscape of the payment processing arena in the United States, we took the card brand announcement very seriously back in the summer 2011 and made this a top priority at our company. Our hard work and unwavering commitment to compliance with all card brand mandates is paying off in a big way for us and our customers as evidenced by our multiple EMV certifications under our belt,” said Jorge Fernandez, Co-Founder and Chairman of CenPOS. “We are educating merchants across the United States on EMV and the risks associated with non-compliance. We are finding that some merchants are being misled in believing that they are ready when in fact the solution that was sold to them is not yet certified. I am sure this will have legal and financial ramifications for payment professionals selling non-certified solutions,” added Fernandez.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS certifies with Visa Accelerated Connection Platform

by

CenPOS certifies with Visa Accelerated Connection Platform

Miami, FL (PRWEB) April 7, 2015

Article Link

CenPOS, a payment technology provider, announced today that it has certified to Visa Accelerated Connection Platform (ACP). These continued efforts enable CenPOS merchants globally to take advantage of Visa’s transaction authorization and capture services, end-to-end encryption, tokenization and integrated redemptions; thus, bypassing the existing core bankcard processors for these and future Visa services. This connection not only enables merchants to connect to more than 2 billion Visa cardholders worldwide, but also connects them directly with the rest of the card brands as well. A direct connection to the card brands creates value and reduces PCI cost for merchants by encrypting data at every point of the transaction. More importantly, merchants now can leverage Visa’s technology infrastructure and achieve better financial results while providing their customers with an enhanced payment offering.

“We at CenPOS believe that this new connection creates significant value for our merchants and gives them the control they have been seeking for years, especially their ability to freely choose financial providers without the fear of any business disruption and/or changes in their daily workflow. It makes business and financial sense for merchants to go directly to the card brands and bypass their acquirers for these services,” said Jorge Fernandez, CenPOS’s Co-Founder and Chairman. “We at CenPOS are always on the cutting edge of payment technology. As evidenced by our recent EMV certification in the US, we are committed to delivering innovative solutions for our clients globally”, added Fernandez.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

Categories: Payment Systems Comments Off on CenPOS certifies with Visa Accelerated Connection Platform

CenPOS Signs Exclusive Agreement With Bank of The Bahamas

by

CenPOS Signs Exclusive Agreement With Bank of The Bahamas

Miami, FL (PRWEB) January 28, 2015

Article Link

CenPOS announced today that it has signed a mutually exclusive processing agreement and acquiring services with Bank of The Bahamas. The agreement covers the entire Commonwealth of The Bahamas and whereby Bank of The Bahamas will promote and rollout CenPOS’ suite of services to the business community throughout the country. These services include Mobile processing, Electronic Bill Presentment and Payment, integrated payment solutions, shopping carts, Point-to-Point encryption, tokenization, recurring billing, and Mobile Wallet. The CenPOS technology solution gives Bank of The Bahamas a significant competitive advantage in the Commonwealth as it covers a myriad of businesses ranging from the smallest to the largest billers in the country. Mobile Payments, ecommerce and Electronic Bill Presentment and Payment being the key drivers of this effort; thus, enabling the bank to easily provide payment acceptance services to merchants in the outer islands while mitigating risk and reducing merchant account acquisition costs.

“The Commonwealth of The Bahamas has one of the largest business communities in the Caribbean region in part due to the fact that The Bahamas is one of the most popular tourist destinations in the Caribbean. Therefore, it made strategic sense for CenPOS to cultivate a business relationship with a local acquirer that shared in our vision and was willing to embrace a technological change to create a difference in the market place,” commented Jorge Fernandez Chairman and Co-Founder of CenPOS. “We wanted to partner with a local Bahamian Bank that understood the local business needs and was willing to create their own blue ocean strategy through the adoption of CenPOS’s technology offering, ultimately making the competition irrelevant in the market place,” added Fernandez

“Bank of The Bahamas is proud to partner with CenPOS to continue to be the leader in delivering cutting edge technological banking solutions to our customer,” stated Renee Davis Deputy Managing Director of Bank of The Bahamas.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

About Bank of The Bahamas

BOB is a modern, full service bank with 13 branches in seven islands (Nassau, Grand Bahama, Andros, Cat Island Exuma, San Salvador and Inagua) and a long history of firsts in the local Banking Industry. The Bank caters to retail clients from all walks of life providing personal loans and mortgages as well as savings and chequing accounts, term deposits, money transfers, online banking and prepaid cards. Simultaneously, BOB’s Corporate and Commercial Department facilitates the financing and cash flow needs of the premier business establishments throughout the country. Since 2000 BOB’s Private Banking and Trust arm has also provided wealth services (estate planning, trust and corporate services) to local and international clients.

CenPOS Certifies Verified by Visa and MasterCard Secure Code

by

CenPOS Certifies Verified by Visa and MasterCard Secure Code

Miami, FL (PRWEB) December 15, 2014

Article Link

CenPOS announced today that it has certified its payment-processing platform with Verified by Visa and MasterCard SecureCode on TSYS and EPX. This new feature enables e-commerce merchants utilizing the CenPOS platform to mitigate fraudulent chargebacks while providing their end customers with a secure e-commerce payment mechanism. Online shoppers will have the opportunity to authenticate themselves with their issuing banks at the time of purchase; thus, making the payment process experience more secure for all parties. Verified by Visa and MasterCard SecureCode significantly reduce the chargeback risk for merchants while reducing their interchange expense. The authentication data, together with an authorization approval, gives merchants a transaction that is guaranteed against the most common types of chargebacks-“cardholder not authorized” and “cardholder not recognized” chargebacks. Merchants can focus on the business of fulfilling orders rather than authorization concerns.

“We are expecting an increase in fraudulent purchases in the e-commerce space in the coming years in the United States as a result of the EMV migration and adoption. We have seen the re-manifestation fraud trends in other countries in card not present transactions with the global adoption of EMV; therefore, these certifications are a must for CenPOS,” commented Jorge Fernandez Co-Founder and Chairman of CenPOS. “We are always looking for new ways to differentiate ourselves while delivering differentiated value to our clients. Today, security and protection is a top priority of every business executive across the globe. At CenPOS, these priorities are at the forefront of all our business initiatives,” added Fernandez.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS Certifies to Caribbean Credit Card Corporation

by

CenPOS Certifies to Caribbean Credit Card Corporation

Miami, FL (PRWEB) October 27, 2014

Article Link

Today, CenPOS proudly announces a new certification to Caribbean Credit Card Corporation. The certification includes card present, card not present, e-commerce, and mobile processing. Merchants residing in countries where Caribbean Credit Card Corporation has a processing relationship with local banks are now able to take advantage of the CenPOS suite of products and services, including but not limited to: Mobile processing, Electronic Bill Presentment and Payment, integrated shopping carts, Point-to-Point encryption and tokenization. Cross border merchants are now able to easily manage their business payment needs through one single payment platform. CenPOS provides businesses across the globe with an omni-channel payment platform allowing the business communities to better engage their clients and allowing them to pay from anywhere, anytime and however they want to pay.

“We are very excited with this new certification as it bring us closer to our quest to provide our clients with global processing solutions with a world class platform,” said German Gonzalez, Chief Technology Officer and Co-Founder of CenPOS. “CenPOS will continue to add new certifications that are strategic and complimentary to our current product offering, but more importantly, certifications that are required by our valued clients,” added Gonzalez.

CenPOS is now able to provide core payment processing services in the following Caribbean countries:

Anguilla, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia, Saint Vincent , Guyana, Barbados, Dominica, Grenada, Suriname, and Montserrat

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS Achieves SSAE 16 Type II Compliance

by

CenPOS Achieves SSAE 16 Type II Compliance

Miami, FL (PRWEB) September 29, 2014

Article Link

CenPOS, a leading payment-processing provider with data center facilities in Miami, Florida and Culpepper, Virginia, announced today that it has achieved the Statement on Standards for Attestation Engagements (SSAE) 16 type II standards compliance. The SSAE 16 Type II compliance demonstrates CenPOS’s ability to exceed security, compliance and safety-related requirements for controls and safeguards when hosting customer data.

Critical components to obtaining this certification include the ability to assess and reduce risk, propel business continuity and provide customers with controlled security measures. The assessment process involves the completion of SOC 1 reports, compiled by the American Institute of Certified Public Accountants (AICPA). These standardized reports review multiple aspects of the organization, including CenPOS‘s internal control over financial reporting (ICFR), security, availability, processing integrity, confidentiality and privacy in accordance with AICPA’s Trust Service Principles and AT Section 101.

“Exceeding SSAE 16 requirements across all of our datacenters as well as SOC requirements across our cloud and managed services platform, further demonstrates our commitment to the highest standards of operational excellence and consistently deliver best-of-breed, intelligent datacenter solutions to all our customers,” comments German Gonzalez, Chief Technology Officer and Co-founder.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS Certifies For Multi Currency Processing

by

CenPOS Announces Certification For Multi Currency Processing using First Data’s Global Merchant Acquiring solution.

Miami, FL (PRWEB) September 24, 2014

Article Link

CenPOS announced today that it has certified its payment-processing platform to First Data’s Global Merchant Acquiring solution. This new payment offering enables merchants around the globe to sell in different markets and collect monies in multiple currencies; thus, making it very easy to conduct commerce around the world in a frictionless environment. Businesses and their customers are now able to make payments in local currencies without any currency exchange risk; more importantly, avoiding costly cross border fees assessed by card issuers and the card associations. This payment solution covers a large geographic area, which includes 43 countries and 14 different currencies. The new markets include all of Europe, South Africa, Latin America and part of Asia.

“This is really exciting for us, our customers will be able to easily conduct business around the globe through one single platform; therefore, giving them control over the payment collections process and financial transparency while removing the Treasury complexities that exist today,” remarked Jorge Fernandez, Co-Founder and Chairman of CenPOS. “For CenPOS, this is about giving our customers access to new opportunities, creating a better and more efficient way of doing business globally,” added Fernandez.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS Awarded Another Patent from US Patent Office for Alternative Payments

by

CenPOS Awarded Another Patent from US Patent Office for Alternative Payments

Miami, FL (PRWEB) August 5, 2014

Article Link

CenPOS announced today that the US Patent Office has granted the company another patent (Patent Number 8799089). The new patent covers the handling and processing of traditional payments as well as alternative payments like cryptocurrency using a mobile device as a means of transaction origination and authentication. This is a major breakthrough in bridging the physical world and the virtual world. The business communities around the globe including major retailers have recently embraced both mobility and the alternative payment movement, especially cryptocurrency. This patent secures CenPOS’s position as a leading enabler in the acceptance, routing and processing of these new emerging payment types. More importantly, enables CenPOS to help its customers expand their payment acceptance to new heights, which in turn increases merchant sales, reduces payment acceptance costs, and reduces acceptance risk.

“We have been working on this patent for several years; from the beginning we were firm believers that these types of so-called alternative payments would eventually become mainstream payments,” said Jorge Fernandez, Co-Founder and Chairman of CenPOS. “CenPOS’s position has always been that merchants and consumers alike should not be limited to the traditional payment types currently being offered by the traditional payment networks; businesses and their customers should be able to freely choose what payment types they exchange for goods and services without boundaries and network limitations. All this needs to happen in real time and be frictionless,” added Fernandez.

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

CenPOS Brings Payment Innovation to Latin America with Evertec Certification

by

CenPOS Brings Payment Innovation to Latin America with Evertec Certification

Miami, FL (PRWEB) July 22, 2014

Article Link

Today CenPOS announced a new certification to Grupo Evertec Panama. The certification includes card present, card not present, ecommerce and mobile processing. In addition, CenPOS also signed a referral agreement with Banesco. Merchants domiciled in Panama utilizing Banesco’s merchant acquiring services will be able to utilize the CenPOS processing platform and its full suite of services including but not limited to Mobile processing, Electronic Bill Presentment and Payment, integrated shopping carts, tokenization, integrated business solutions and Point-to-Point encryption.

“We continue to expand our network of acquiring services internationally, this will help our current and future clients alleviate their logistical challenges with their treasury management services,” said Jorge Fernandez, Chairman and Co-Founder of CenPOS. “The LATAM region is very diverse and very complex, very few ERP’s and POS systems are integrated with the local merchant acquirers, we at CenPOS are working hard at solving these issues by connecting to the local acquirers in each country and providing our clients with a single source solution globally,” added Fernandez.

Today CenPOS is certified to processors that are connected to financial institutions in the following countries:

Anguilla
Antigua and Barbuda
Bahamas
Barbados
Belize
Canada
Dominica
Grenada
Guyana
Montserrat
Panama
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
Suriname
United States
Western Europe

About CenPOS

CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS’ secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships. For additional information please call 877.630.7960.

Creating Efficiencies Through Payment Innovation.