Solupay is excited to announce that we are now accepting EMV chip card payments within NetSuite SuiteCommerce In Store (SCIS) for Canadian merchants. This extension of our EMV solution is welcome news in the Canadian market. Canada was one of the first to embrace and utilize secure chip payments. As of 2017, nearly 93% of Canadian card present transactions were made via EMV chip cards. In less than 2 years, all merchants are expected to be EMV chip friendly. Beginning October 14, 2020, it is required by Canadian law that all merchants offer EMV payment solutions in store. For those questioning why there is such a push for EMV payments, there is one key reason why they have proven to be more secure than their magnetic stripe counterparts.
That shiny little square on credit and debit cards is more powerful than most might think. With a magnetic stripe card, the data and codes stored within the stripe are unchanging, so if someone copies the stripe, they gain access to all the data coded within the card. They are then able to use it to make repeat purchases. This obviously opens the door to theft, and oftentimes the cardholder remains blissfully unaware that their card information has been stolen until they get hit with a very expensive monthly bill.
Conversely, chip cards are able to prevent that entire scenario from ever happening. The chip embedded in EMV cards creates a unique code for each transaction. That way if someone does steal the transaction data, it cannot be used to make additional purchases. Should someone try to use that data again, they would be denied because that code had already been used in a previous transaction. It is for this reason that EMV cards are strongly preferred, and now that they have been widely adopted in the US, counterfeit fraud rates have dropped tremendously. In 2017, merchants saw counterfeit fraud rates drop 58% compared to the previous year, and now that the end of 2018 is quickly approaching, we are sure to see these rates drop even further.
The United States was one of the slowest to adopt EMV payments, but in the past couple years, it has became a near-universal practice, much like it is in Canada and Europe. With the deadline to be EMV-friendly inching closer each day, merchants who have yet to adopt the technology will need to very soon. Solupay is a trusted partner in providing secure EMV processing solutions, and now within NetSuite SuiteCommerce In Store (SCIS), we will proudly be able to serve our Canadian merchants.