Specializing in EMV and PCI

Experience is a commodity. Regardless of industry, location, or size of a venture, the ability to say, “I’ve seen something like this before” can be invaluable. As the Indiana Bankers Association’s preferred service provider (PSP), Approval Payment Solutions has experience to spare when it comes to agent bank relations. We make sure to double-down with that experience, offering our team of salaried sales representatives, paired with powerful in-house training totaling over 100 hours of education each and every year.

As an Indiana-owned, Hoosier-operated non-bank entity, APS is in a unique position to apply its experience, building agent banks’ business while thriving in its own. These bank partnerships have helped APS grow to be one of the Top 55 processors in the country, with over $2 billion in annual processing and 15 years of recognition in agent bank relations.

In payment processing, technology has evolved at a lightning pace. Money has loosed itself from corporeal form, launching into higher planes of existence in the ether of banking, financial markets, and the almighty ledger. As the value of these datasets increases, so has the opportunity for an errant mark or line of code to disrupt or outright steal vast sums of money without physical interaction. For criminals, the days of stagecoach robbing are over. Digital thieves’ most lucrative heists can now take place from the comfort of their own homes.

This new generation of criminal sophistication brings a need for diligence in the financial world. As we continue to move away from physical currency (and physical ledgers for that matter), consumers’ financial security has moved from tellers and guarded safes to pockets and passcodes. With the power to access our financial lives at our fingertips via mobile and card-based payment options, our financial well-being is just an errant swipe or login away from theft, fraud, and ruin.

We all know the frontline defense for physical cards today is the EMV chip. Replacing the aging magnetic stripe system is a lofty goal, but one that seems to be slowly taking shape. With the October, 2015 deadline for merchant compliance and shift of liability now over a year past, both non-EMV-enabled and PCI-noncompliant merchants are feeling more and more pressure to secure their systems and their transactions. However, security, compliance, and liability have yet to become top-priority for many merchants at a time when there is a clear and present danger poised to strike.

APS has been a leader throughout our footprint in ensuring merchant security, with over 90% of our merchants fully EMV-enabled and over 75% PCI-compliant, our team continues to work diligently toward the goal of a fully secured portfolio. Compared to industry estimates placing merchants at 56% EMV-implementation and less than a quarter at minimum PCI-compliance, we pride ourselves on maintaining the leading edge in merchant security.

While EMV has secured terminal and physical POS transactions at a considerably higher level, its arrival has simultaneously brought on a huge surge in traditional card security fraud. The knowledge that a highly profitable fraud source was coming to an abrupt end put a new fire under criminals, prompting waves of identity theft, database hacking for mag stripe data, and thieves working to use stolen physical cards (or counterfeit cards for that matter) at as many retailers as possible before the technology reaches complete obsolescence and discontinuation.

This renewed criminal vigor has made PCI-compliance and EMV-implementation a top-priority amongst processors. When the Payment Card Industry Security Standards Council first began pushing their advanced security standards a decade ago, retailers were slow to comply, or outright ignored them. Simply accepting plastic or electronic payment was still a point of contention for a vast number of merchants, with many seeing it as a hassle and an overall loss via transaction fees and terminal leases compared to their traditional cash and check systems. In similar form, as digital security has become more important with every week that passes, businesses are still slow to properly secure their systems, becoming riper targets every day for an enterprising criminal to easily exploit.

We want to make sure our clients are prepared for the viciously creative criminal environment we find ourselves in, and we hope our bank partners will do the same. APS is continually in search of financial institution partners focused on their merchants’ security, serving as voices of reason for the well-being of their customers.

APS specializes in PCI and EMV compliance, securing businesses of all size against fraud and attacks from all sides. Whether through properly secured digital systems or terminals and card readers, APS creates value for ourselves and our agent banks at the merchant level. Make sure your merchants are prepared for today’s digital market; partnered with a payment processing company that puts security above all else.

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