Canadian Retailer - Store 2013 - 110

RETAIL QUICK TIPS

DID YOU KNOW THAT YOU
CAN ELIMINATE HIGHER FEES
BY FOLLOWING SIMPLE COSTSAVING TIPS FOR PROCESSING
CHIP AND PIN CARDS?
BROUGHT TO YOU BY RETAIL COUNCIL OF CANADA AND CHASE PAYMENTECH
CHIP AND PIN debit and credit cards are becoming the industry standard in Canada, and more customers
than ever are now paying with chip-enabled cards. Did you know that you can avoid higher fees and prevent
your business from exposure to additional liability for certain fraud related transactions and chargebacks
by following a few simple steps?
Chase Paymentech recommends these cost-saving tips for retailers:

Processing Chip-Enabled Credit Cards

Process chip-enabled credit cards by inserting the card
into your payment terminal (terminal must be chipcapable). Customers will be prompted to enter their PIN to
complete payment. Avoid using the magnetic swipe on the
back to process payment if possible. Swiping chip-enabled
cards may shift fraud liability to you. If a transaction is
deemed fraudulent (for example, the card is determined to
be a stolen card), you may be liable for the loss.
Chip-and-PIN transactions are classified in the
industry as an electronic transaction, and carry the lowest
processing rates possible.
Manually Keying in Transactions

The least recommended method of processing payment
is a keyed transaction. You will likely incur a higher
processing rate for the transaction, but if you retain a
card imprint and customer signature, it may assist in
protecting you from certain chargebacks.

Processing Non-Chip Credit Cards

For non-chip enabled cards, the next
best recommended method to process
payment is by electronically swiping the
card through your terminal. You will be
prompted to get a signature—make sure
you keep the receipt. You will still receive
an electronic processing rate. Retaining
the signed receipt can help you mitigate
certain fraud related chargebacks.
PrePaid Gift Cards

The same chip-and-pin and magnetic
swipe rules that apply to credit cards
also apply to prepaid credit cards as
well. There are certain “Electronic” prepaid cards that do not have embossed
card numbers, in which case these cards
can only be processed electronically.

Payments using more secure technology pose fewer risks for potential fraud and chargebacks and will
usually carry a lower processing rate. Ensuring that you follow proper acceptance procedures and using
industry best practices when processing your customers’ payments will help you receive lower rates.
As an RCC member, you can take advantage of preferred rates for Interac, Visa and MasterCard with Chase
Paymentech. For more information and a cost free analysis, contact Chase Paymentech at 888-317-9516.
You can also visit www.chasepaymentech.ca for more information.

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Canadian Retailer - Store 2013

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