Point-of-Rental™ Systems recently updated its rental management software to integrate VeriFone secure payment terminals, which provide the highest level of security available in payment processing. Utilizing PayWare Connect Payment Gateway, VeriFone terminals use end-to-end encryption and card-based tokenization, which substitutes values as pointers to the encrypted information. This means that credit card data never enters the rental software, but simply a token number is sent to the merchant’s Point-of-Rental™ System for follow up on charges or refunds. The token removes the liability of stored credit card data. This technology drastically reduces the PCI DSS demands and subsequent expense on the merchant and virtually eliminates the chance of credit card fraud.
In addition, stores using Point-of-Rental’s updated software with VeriFone terminals are able to process debit cards as well as the global standard EMV chip cards, which the U.S. payment infrastructure will be moving to by 2017 according to Visa. EMV chip technology (also known as “chip and pin”) uses a non-reproducible chip and a required PIN, thereby greatly reducing a criminal’s ability to use stolen payment card data. Much of the world already employs EMV chip technology, but the U.S. payment infrastructure has been slow to implement the more secure transaction capabilities, which is why experts claim many U.S. businesses are targets of credit card security attacks. Excluding cards in the U.S., 44 percent of all cards are EMV chip cards, and 74 percent of all terminals are EMV chip-capable, with 62 percent of cross-border transactions conducted with a chip card at a chip terminal. In August 2011, Visa announced plans to accelerate the migration to EMV chip technology in the U.S. by offering several incentives for merchants who upgrade to EMV chip-enabled terminals. Among the incentives is a liability shift away from those who are able to accept EMV chip cards.
Point-of-Rental™ Systems is providing the enhanced security update to all current Point-of-Rental software subscribers who have previously purchased Point-of-Rental’s Integrated Credit Card Module, although VeriFone terminals must be purchased separately through VeriFone in order to utilize the capabilities. As always, Point-of-Rental’s customers are free to choose their own payment card processors.