Key takeaways from the CPA 2022 Toronto Chapter Lunch & Learn.

4 min read

Payment security is integral to running a successful and profitable parking operation. Last month Precise ͵ÅÄ͵¿ú had the pleasure of attending and sponsoring the CPA 2022 Toronto Chapter Lunch & Learn. This informative event provided valuable information on maintaining payment compliance within your organization, building trust with your customers and continuing to meet the payment card networks’ standards.

Doug Hatton, Vice President of Client Solutions at , Canada’s leading provider of innovative, unified solutions for mobile, online and in-store payments, discussed upcoming compliance mandates and what we need to do to prepare for them. 

Below are six financial compliance mandates you must look out for and the next steps to consider.

Mastercard Contactless EMV

Mastercard will be retiring magnetic strip data, otherwise known as MSD. Because of this, all payment terminals must allow contactless Europay Mastercard Visa (EMV) transactions.

Key Dates

• On October 1st, 2022, new contactless-enabled terminals must only support EMV.

• On April 1st, 2023, all contactless-enabled terminals must only support EMV.

Visa EMV Mandate for All Terminals

In 2017, Visa announced that all terminals, both attended and unattended, must support EMV chip.

Key Date

By October 15th, 2022, all terminals must support EMV chip.

Visa MSD Transaction Fee

The MSD transaction fee mandate and fraud liability shift will encourage the adoption of EMV chip transactions.

Key Date

On October 1st, 2023, a per transaction fee of $0.15 (USD) will apply to all transactions initiated from the terminals that do not support EMV.

Revised Recurring Billing

This new requirement implemented by Mastercard will help reduce chargebacks and disputes for merchants using recurring billing.

Key Date

On September 22nd, 2022, requirements regarding term disclosure, email confirmation, electronic cancellations and more come into effect.

Interac Key Management Migration

Requirement for terminals to migrate from single-length keys to double-length keys (128-bit).

Key Dates

• By November 1st, 2022, all new devices must support double-length keys (128-bit)

• By November 1st, 2025, all devices must support double-length keys. Single-length keys must be removed. 

Visa PCI PTS 1.x Retirement

All expired PCI PTS terminals must be removed from service.

Key Dates

• December 31st, 2022: Terminals never approved by Visa or PCI

• December 31st, 2022: Terminals pre-PCI approved

• December 31st, 2022: Terminals with PCI PTS 1.x

• December 2027: Terminals with PCI PTS 2.x

• December 2030: Terminals with PCI PTS 3.x

What does this mean for you?

Abiding by the financial mandates above will help ensure your payment system is up-to-date. If not followed, it may impact the processing ability of your legacy terminals. Upgrading your system can lead to significant cost savings, reducing the risk of non-compliance fees and higher processing rates. It will also minimize fraud liability risk and PCI implementation scope. Contact your parking operator to ensure your terminals comply with new mandates.

Staying up-to-date with the latest advancements in payment processing can set your organization up for future success. Precise ͵ÅÄ͵¿ú specializes in providing certified financial processing services and is proud to be the only parking operator to achieve the highest level of (PCIDSS) compliance in Canada. We’ve built secure card payment gateways that result in substantial cost savings and an unmatched level of support, accountability and security. Moneris helps us remain ahead of the curve as we process over 800 million transactions annually on behalf of our clients, ensuring the latest payment compliance standards are always met.