CenPOS update leverages new CVV rule for magnetic stripe failures

CenPOS, a fast-growing payment processing technology, released a new feature for merchants to enable the automatic collection of CVV at the point of sale for key entered transactions including a failed magnetic stripe read.  The update supports the new Visa rule for card present transactions.

Effective October 15, 2011, merchants that prompt for and validate the Card Verification Value 2 (CVV) on any Visa CPS Key entry transaction (not to be confused with CPS Card-not-present) will no longer be required to take an imprint of the card to prove that the consumer was present at the time of the transaction. More importantly, merchants that implement this new procedure will no longer be liable for charge-back reason code 81 (Fraud Card-Present Environment).

 

cvv prompt for key entered face to faceThe CenPOS privilege in the Virtual terminal can be dynamically enabled or disabled by the merchant administrator. When enabled, the Virtual Terminal will automatically prompt for the CVV on any and ALL manually entered transactions. If in a retail environment with an attached signature capture terminal, the customer will still be prompted for their signature as usual.

cvv prompt for key entered face to face

To enable, click on the Administrator tab >merchant icon> processing data tab> click on “CVV Manual Entry”

About CenPOS
“Creating efficiencies through payment innovation”

Founded in 2009, Miami-based CenPOS is a payment technology provider. CenPOS is committed to providing its customers and partners with innovative solutions for today’s rapidly evolving consumer payment choices.

CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems. The network reflects the core values that drive the experienced and innovative CenPOS team: Simplicity, Scalability, Security and a holistic approach to payment processing strategies.

CenPOS provides solutions to a range of organizations including but not limited to retail, card not present merchants, automotive dealers, professional services and academic institutions; special programs are also available for non-profits.

Christine Speedy direct (954) 942-0483

Chase Paymentech and Kount Join Forces to Combat Fraud for ECommerce Merchants

DALLAS and BOISE, Idaho (March 15, 2010) — Chase Paymentech, a leading merchant acquirer and payment processor, and Kount, a Boise, Idaho-based company that specializes in card-not-present (CNP) fraud prevention, today announced an agreement to offer a comprehensive suite of fraud detection, management and prevention tools for merchants.

Chase Paymentech processes a significant share of global CNP payments, in a wide variety of payment methods, and authorizes transactions in more than 130 currencies. Its expertise and fault tolerant infrastructure, paired with Kount’s advanced fraud prevention technology, will introduce a new class of fraud management tools that will significantly improve the reliability and security of card-not-present transactions.

The ability to provide merchants with a real-time fraud score at the time of bank authorization will deliver unparalleled value. This benefit coupled with dynamic order linking, device fingerprinting, proxy piercing and other Kount capabilities will allow merchants to accurately detect and reject a significantly higher percentage of fraudulent orders, saving merchants costly chargeback fees and fines associated with fraud.

“This alliance underscores our commitment to provide merchants with the tools they need to significantly improve and sustain financial performance. Our partnership with Kount offers merchants the first truly integrated fraud-monitoring tool at the point of transaction authorization. This is a significant step toward a global effort to reduce CNP fraud,” said Chase Paymentech president Mike Duffy.

“The result of our partnership with Chase Paymentech will be a new class of tools and utilities for controlling card-not-present fraud,” said Kount CEO Brad Wiskirchen. “The comprehensive suite of products will give merchants a new level of certainty that current and future forms of fraud can be controlled.”

About Chase Paymentech
Chase Paymentech, a subsidiary of JPMorgan Chase (JPMC), is a global leader in payment processing and merchant acquiring, capable of authorizing transactions in more than 130 currencies. The company’s proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. In 2009, Chase Paymentech processed more than 18 billion transactions with a value exceeding $409.7 billion, including an estimated half of all global Internet transactions. The company also provides a full set of solutions aimed at accelerating cash flow and managing transaction data. On the Internet or at the point of sale, Chase Paymentech’s unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at http://www.chasepaymentech.com.

Contact: Mia Shernoff
mia.shernoff@chasepaymentech.com
1.646-460-4069

About Kount

Kount® is the most advanced fraud-fighting technology available today. Developed with online and catalog merchant needs in mind, Kount defends against both traditional and emerging fraud threats. Kount defeats botnets and other organized crime using a formidable array of tools including two patented technologies — device fingerprinting, and Proxy Piercer® — along with Dynamic Scoring™, Geolocation techniques, and real-time data streams from websites all across the globe.
Kount provides merchants with maximum risk management control and flexibility, while automating costly manual review processes to improve the bottom line. For more information about Kount, please visit www.kount.com.

Contact: Kristen Meador, Clickbank
kristen.meador@clickbank.com
1 303.807.8073