Dealer management software supplier Sys2K added chip card payment processing to its services through a partnership with Novera Payment Solutions, according to a news release.
The move comes about 10 months after major U.S. payment processing companies attempted to mandate a switch to the new technology by making business owners pick up the cost of certain fraudulent transactions made in businesses without the technology.
Despite the bygone deadline, many merchants today remain unable to handle chip card payments. Roughly 37 percent of U.S. businesses could accept the new technology in March this year, despite about 70 percent of consumers owning at least one chip card, according to a report from creditcards.com.
In the deal with Novera, Sys2K will integrate the company’s chip card technology, “utilizing a cost effective transparent pricing structure,” the company said in a news release.
“With Novera, we are pleased to offer our clients a straightforward, secure integrated credit card processing solution that is now EMV certified and will allow our clients to accept EMV (chip card) transactions, making payment processing through Sys2K even more secure,” said Traeanne Reynolds of Sys2K.
The average cost to U.S. businesses for acquiring chip-compliant card reading technology can range between $500 and $1,000, depending on the payment provider and the company’s existing technology.