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Showing posts with label Canada. Show all posts
Showing posts with label Canada. Show all posts
Additional fraud protection adds value for Canadian small businessesVisa Inc. (NYSE: V) announced today in Canada an important expansion of its Zero Liability program, which will now include Visa Business cards issued by Canadian financial institutions. The move can help better protect Visa Business cardholders from losses due to fraudulent transactions.
In a consumer survey(i) of more than one thousand Canadian Visa cardholders, 80 percent of respondents indicated they were extremely or very interested in having Zero Liability protection on their Visa card, with 30 percent ranking Zero Liability as the most appealing feature.
"Visa Business cards offer many benefits to small business owners in Canada and the addition of Zero Liability is another reason for them to use a Visa card with confidence," said Kareem Chouli, Head of Commercial Solutions in Canada, Visa Inc. "Security is a priority for Visa, and the Zero Liability policy is an important layer of our fraud prevention efforts."
Visa's Zero Liability policy protects business cardholders against fraud exactly the same way as it protects personal cardholders. Zero Liability means that business cardholders who have been victims of credit card fraud, including unauthorized transactions made via telephone or on the internet, do not pay for fraudulent transactions. Zero Liability does not apply to transactions with Visa Corporate or Visa Purchasing cards.
Personal Visa cardholders, including those who have been issued a Visa chip and PIN card, from Canadian-issued financial institutions will continue to be protected by the Zero Liability policy. All Visa cardholders must comply with the terms of their cardholder agreement including protecting their PIN where applicable.
With Visa Business cards, small businesses can conveniently manage their finances by separating business and personal spending, and tracking and analyzing expenses online. Online resources at visa.ca/smallbusiness include free business tools and guides, articles, as well as information about the Visa Savings for Business program - offering exclusive discounts to Canadian Visa Business cardholders.
Source: Press Release
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According to a press release from Acxsys and NYCE, during the four month period from December through March 2008, Canadian shoppers spent record amounts and made significantly more cross-border purchases in the US than last year.U.S. retailers experienced even more value from accepting Canadian PIN debit cards during the holiday, spring break and snowbird season through the Cross-Border Debit service. The service is offered through an alliance between NYCE Payments Network and Acxsys Corporation.
NYCE Payments Network, LLC, is a leading U.S. debit card payments network and a Metavante company. Metavante is a leading provider of banking and payments technology. Acxsys Corporation is the architect of the national INTERAC debit service in Canada.
During the period from December 2007 through March 2008, Canadian consumers spent an average of more than $68 per Cross-Border Debit transaction—a figure that is 45 percent more than the average U.S. debit purchase during the same months. Since the service launch, the Canadian average has outpaced the U.S. average by 33 percent.
“The higher per-transaction average, combined with the lower cost to process PIN debit transactions versus credit, saves our retailers money while giving Canadian consumers instant access to funds that reside in their Canadian bank accounts,” said Steve Rathgaber, president and chief operating officer at NYCE.
“As they do at home, Canadians are choosing PIN debit at all types of retailers that accept NYCE, giving NYCE a unique value proposition to offer our participants.”
While the three-year-old program continues to enjoy steady growth overall, transaction numbers increased dramatically for the November and December shopping season last year in the states of New York and Washington. The combined transaction number for these states jumped 94 percent. Growth remained strong in the months following this period, with those same states logging 92 and 102 percent increases respectively in March 2008 transactions alone over the past year.
“Canadians are among the highest users of debit compared to other countries around the world, so it’s not surprising that Canadians are increasingly choosing debit in the United States as their preferred payment method,” said Tina Romano, public relations manager, Acxsys Corporation.
NYCE is the first and only U.S. payments network to enable widespread PIN debit access at the point of sale for purchases initiated with debit cards issued by participating Canadian financial institutions.
