CFT Group onboarding EMV clients in North America
CFT Group is proud to announce that 22nd August 2018 saw them onboarding their first merchants in North America through their innovative recurring payment platform “Duesday”. Therefore meeting the needs of businesses using recurring payments to collect fees from customers on an international scale. Not only providing value through recurring payment options at largely reduced rates yet meanwhile meeting the needs of businesses in the US wanting access into Europe through the so-called EMV method, more commonly known as Chip & Pin.
The fundamentals of EMV (Chip & Pin) in the US have improved security, reduced fraud and enabled cardholders to use their cards abroad with much more convenience. The main reasons why issuers, payment networks, and merchants across the United States are migrating to EMV technology is due to the significant reduction in card-present card fraud resulting from counterfeit, lost or stolen cards. Another pull towards this migration is the interoperation ability with the global payments infrastructure. Consumers using EMV (Chip & Pin) cards can use their card on any EMV- compatible payment terminal in the world.
This shift to EMV has been an increasing need for US businesses due to the catalyst of fraud that exploded between 2004 and 2010 as the fraud using US-issued bank credit cards rose by 70% and in 2012 credit card losses in the US totaled $5.33 billion, an increase of 14.5% from 2011. To counter this in 2014–2015 the US began the migration and as of today, there have been more than 600 million EMV cards issued to US consumers. Visa is already seeing the results as their findings show a 43% reduction in counterfeit fraud at chip and pin merchants. This can only be a good thing. As EMV technology coverage is growing around the world especially with almost 100% coverage in portions of Europe and Canada, magnetic stripe technology has become more and more archaic meaning the 100% adoption of EMV is imminent for US businesses and essential to catch the global payments wave.
Over the last few years, US cardholders have encountered huge inconveniences when abroad when carrying non-chip cards. Cashiers, along with petrol stations and ticket kiosks, refused to accept non-chip cards. However thanks to the push in migration to EMV cards which are aligned with global standards, that is no longer the case as US issued chip cards work in any EMV country in the world.
An additional benefit for migrating to EMV for the US market is the preparation of digital payments; from mobile wallets to wearables and the future innovations yet to arrive. All of these new innovative payment solutions rely on EMV. It’s only with the EMV infrastructure in place that it is possible to conduct secure contactless transactions.
CFT Group, the development team behind Duesday, a new recurring payments platform is revolutionising Direct Debit payments by offering 21st-century recurring payment solutions to issuers and merchants.
CFT Group has taken Direct Debits back to the drawing board. Designed for the age of millennials in an always-on world of demanding consumers they took on the needs of fast-paced billing clients. Through Duesday, a unique incentive scheme, clients receive payments from their consumers earlier, quicker and at a lower cost than traditional Direct Debits. Raising working capital directly from consumers, their clients can iterate faster and win their loyalty at the same time. Pleasing them to no end.
Duesday is available on multiple EMV devices, allowing clients to collect recurring payments from their customers eliminating the challenging administration task of collecting regularly, all the while saving them time and money. Passing further value down to consumers coupled with reinvestment opportunities. CFT Group provides a fast, efficient and inexpensive service to manage your collections online.
As a payment institution regulated by the FCA, CFT Group has developed an infrastructure with bank-grade security, fully compliant with PSD2, GDPR and is ready for the New Payments Architecture (NPA). CFT Group uses the latest encryption ciphers to keep data secure, not just in transport, but also at rest. They use dedicated hardware security modules to isolate their encryption keys and follow the PCI/DSS practice throughout their platform.
Their pricing is simple. No monthly fees. No hidden fees. Fair and transparent pricing benefits everyone.
CFT Group co-founder and CEO, Marcus Kern adds: “Growing our customer base internationally is exciting. Having our first customer live in the US is a huge milestone for us and a significant accolade to the amazing team at CFT Group. Our future growth will come not just from our award-winning Direct Debit processing but also the significant opportunity of EMV processing in the US. I’m super proud the team was able to crack the US market in only the second year of operations.”
Do your clients collect regular payments from their customers? Would you like to pass on the elimination of inconvenient, time-consuming and expensive payment collections to your clients? That’s where CFT Group can help. They provide a fast, efficient and inexpensive service to manage your collections online. Their merchant portal and easy-to-use APIs help your clients manage an efficient revenue stream, helping cash flow and delighting their customers.
Contact their team today on 0333 11 22 998 or email@example.com.