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With just over six months remaining before the so-called liability shift takes place for payment systems, Synergent Card Services continues to assist Maine credit unions in gearing up for EMV (Eurocard, Mastercard, Visa) with a new video and upcoming webinar. Beginning in October, Visa and MasterCard will be implementing these liability changes that will make both merchants and issuers, including credit unions, liable for fraud for transactions where either the terminal or plastic are not equipped with this technology.
Providing members with a chip-enabled card is the first part, the second is letting them know the benefits of chip technology. As your credit union rolls out or issues new chip cards to members, keep them informed. "Chip-enabled cards work differently than traditional magnetic stripe plastics. Member education will be a vital piece of the introduction of these plastics to the market place. Members must be prepared for this new transaction processing experience," said Rebekah Higgins, Vice President of Synergent Payment Services. Synergent recently produced a new video on this topic for credit unions to share with their members. To view the video, click here.
Kylie Keene, Director of Corporate Video and Digital Media at Synergent, shared that video along with targeted collateral from Synergent Direct Marketing Services will keep members aware of your credit union's goal to provide new technology to enhance shopping security. "Video engages in educating consumers of the financial tools credit unions have for members. Using video with online graphics, customized e-marketing, statement inserts and newsletter articles support the brand of credit unions – helping members manage their finances." For more information about EMV and transformation of payments, register for Synergent's webinar happening on Tuesday, March 17, with Aite Retail Banking Services and Research Director, Julie Conroy. To register for the webinar, click here; or email Lisa Bealieu.