May Edition 2021
The technology we use today has advanced so rapidly in the recent past. Before the Internet took off and smartphones really became smart, all our banking had to be done in person. This meant driving to the bank, standing in a queue, and waiting for desk agents to complete our deposit, transfer, or withdrawal. But now, we have applications on our smartphones that allow us to make deposits or internal transfers in a matter of seconds. We can also “go paperless” by setting up automatic payments for almost all our regular bills, utilities, or other scheduled transactions.
Electronic Merchant Systems is a company based in the US that aims to be the industry leader in merchant services by providing an innovative suite of business solutions, focusing on high-quality service, and having professional, dedicated employees that increase the financial well-being of their clients. The company believes that it is important to offer automated end-to-end settlement options to merchants. Automation simply allows merchants to see their hard-earned money in their bank account faster, which EMS believes is essential to their merchants’ financial well-being. It also allows less room for human error, which reduces the amount of time that may otherwise be wasted on trying to solve a transaction matching issue.
The innovative technology that allows us to automate tasks such as these is remarkable. However, where there is a discussion of technology, security concerns often follow. The unfortunate reality is, no one
is ever completely safe from fraud, security breaches, or cyberattacks. The criminals who perpetrate these threats will never stop trying to steal sensitive information for their own gain. And although many believe only large corporations are targets for fraud, this is untrue. Cybercriminals will take any chance they can get, and sometimes small to mid-sized businesses are easier targets.
PCI-Compliance & Data Security Requirements
Electronic Merchant Systems (EMS) acknowledges these security concerns and has put careful measures in place to protect their merchants’ businesses. Their payment solutions are all held to strict security standards to help protect everyone involved in a transaction, from cardholders to merchants, banks, and EMS itself. For more than a decade, EMS has been a Level 1 PCI Compliant Service Provider, meaning they adhere to the highest and most stringent PCI DSS level (Payment Card Industry Data Security Standard). They require their merchants to maintain PCI compliance for their own protection and to protect cardholders. By following the specific guidelines set by the PCI Security Standards Council and each major credit card brand (Visa, Mastercard, Discover, American Express), the company reduces the risk of security breaches, fraud, and other malicious digital attacks.
EMS Offers EMV & NFC Technology
EMS also offers NFC-enabled and EMV-certified options to provide merchants with greater security and empower them to provide an enhanced payment experience to their customers. EMV-certification is essential for any business currently accepting credit cards as it adds a layer of protection for both the merchant and the cardholder. Without an EMV-enabled machine, merchants open themselves up to huge liability risks and potentially catastrophic fines for their business. Also, most of today’s consumers have an EMV chip card and expect to dip it into the terminal when they make an in-person credit card purchase.
Mobile wallets are also becoming increasingly popular because they offer a secure, fast, contactless payment experience. Terminals equipped with NFC technology can accept these types of payments, which offer convenience for the consumer and less contact for the cashier.
EMV-certified and NFC-enabled payment technology are no longer optional for most small to mid-sized businesses. They have become a requirement if businesses want to remain competitive and compliant. EMS recognized this shift from the very beginning and began to upgrade and modify their payment acceptance solutions to these standards, empowering merchants to best serve their customers’ needs while simultaneously protecting their business.
EMS’ Business Partner Approach
Electronic Merchant Systems offers all these payment security options and more because they believe, when a merchant chooses to process payments with them, they become more than their processing provider. EMS commits to their new business partners to help them grow and improve in every possible way. Cybersecurity is absolutely a top priority for EMS, as it should be for any business. The company makes sure its merchants are holding their business to the highest standards of data security. When signing a new merchant, they take the time to explain what it means to become PCI compliant and why it is important to maintain compliance at all times.
EMS protects their merchants’ business data as they closely monitor all their merchants’ accounts for any anomalies. If something unusual or suspicious comes to their attention, the merchants get notified as soon as possible so that they can take any corrective measure if required. This process happens completely behind the scenes, so the merchants can continue with business as usual unless business becomes unusual. EMS also offers 24/7/365 live, U.S.-based customer service to their merchants. Whether they have a question or run into a problem at 3 PM or 3 AM, they are promptly assisted. The company provides convenience, simplicity, security, and support to the merchants they serve.
A Bright Future for Electronic Merchant Systems
The rapid growth of technology has allowed EMS as a merchant services and payment processing provider to expand payment options far beyond what anyone would have thought possible just 25 short years ago. Not only do merchants have the power to accept credit card payments securely, but they can also take their payment solution on the go with mobile acceptance, simultaneously accept payments and manage their business with a unique point of sale solution, or even process payments completely online either through email invoicing or a store on their website.
The possibilities of mobile payments are endless. Innovation is key to any business’s success. As a FinTech company, EMS considers ‘innovation’ as one of its core values and offers scalable payments solutions to SMB businesses. EMS constantly seeks opportunities for innovation in their services, solutions, and processes because they know it is in the company’s and merchants’ best interest.
Throughout the COVID-19 pandemic, the movement from cash and check payments to credit cards and digital has gathered tremendous steam. The era we’re heading into will prioritize digital payment options, which bodes very well for FinTech companies like EMS.
Meet the CEO
Dan Neistadt serves as the President & CEO of Electronic Merchant Systems, a position he has held for over 13 years. Dan started his banking industry career by working with Key Bank for 30 years prior to joining EMS. At the completion of his career with Key, Dan served as Executive Vice President of Electronic Banking while also managing that division. He is a strong advocate for creativity and change and recognizes the growth opportunities that accompany these ideals.