ATLANTA, GA — February 9, 2016 –Just four months after the EMV liability shift took place, MasterCard® reports that Elavon, a leading global payments provider and subsidiary of U.S. Bancorp, is among MasterCard’s leading acquiring partners for growing acceptance of EMV transactions. Since the Oct. 1, 2015 liability shift date occurred, approximately 38 percent of Elavon’s U.S. customer locations are actively accepting chip card transactions, significantly higher than the industry average of approximately 22 percent for EMV acceptance.
“EMV is an important security layer, protecting U.S. consumers from counterfeit card fraud. Elavon has made a real commitment to educating its customers about the need to accept chip payments as well as deploying other security measures to protect against fraudulent activities,” Michael Cyr, executive vice president, North American market development, MasterCard.
The EMV liability shift is part of an overall industry transition to provide businesses with more security at the point of sale. EMV – which stands for EuroPay, MasterCard and Visa – is chip technology embedded into credit and debit cards that integrates with payment terminals to enhance fraud protection at the point of sale. EMV is one of several security technologies the industry is deploying to counteract fraud in all stages of a payment transaction, including tokenization and encryption.
While the official liability shift began in October, full adoption of chip technology in the U.S. is not predicted to be completed until 2017.
“Our expertise in EMV payment acceptance in other parts of the world prepared us for the shift here in the United States. MasterCard’s endorsement is a testament to the commitment we’ve made to prepare our customers for the shift,” said Guy Harris, president of Elavon North America. “We’re also taking the opportunity to provide customers with the latest in payment offerings such as mobile payments and other security technology.”
Elavon currently offers EMV technology through a variety of its innovative payments solutions such as Simplify software application,Safe-t for small businesses and its Commerce SDK certification software.
About Elavon (www.elavon.com) @elavon
Elavon is an independent card payments specialist owned by U.S. Bank, the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, Brazil and Puerto Rico. As the #1 provider for airlines and a top five provider for hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.