EPC Weighs In: Retailers Lag Behind in Innovation, Push Blame to Card Networks

Electronic Payments Coalition | September 19, 2019

 

EPC responded to a card payments article in the Washington Post by Mary Hardar on September 11, 2019 entitled, “Think your credit card is safe in your wallet? Think again.”

“It strikes me as odd that the article omits available and important new technologies that shift liability to card networks while combating millions of payment criminals. Electronic payments make it possible for businesses to sell to customers all over the world through e-commerce. Through Secure Remote Commerce, the online payments environment is secured with tokenization and AI technology which makes it easy for small businesses to provide a smooth checkout experience,” stated Jeff Tassey, Chairman of the Board of the Electronic Payments Coalition.

Contrary to claims that all harm falls on small businesses, networks in fact incentivize retailers by freeing them from liability when they adopt new, innovative technologies that protect themselves and consumers— one network recently launched a program that is specifically designed to secure small business. SRC and AI technology also saves retailers money by avoiding false declines and abandoned shopping carts.

“In reality, card networks continue investing billions towards advancing payments technology to fight fraud and protect consumers,” said Tassey. “Unfortunately, retailers continue to not partake in the same developments, or join the fight at all, which contributes to the lag in improvements needed to combat the ever-evolving threats in the payments environment.”

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