January 18, 2015
Posera-HDX Limited has completed the acquisition of Terminal Management Concepts Ltd., a developer of wireless pay-at-the-table EMV Chip & PIN software. Wide-spread credit card security breaches have resulted in a payment industry decision to deploy EMV Chip and PIN technology in the United States. The deployment of EMV Chip and PIN credit cards will make it necessary for table service restaurants to give customers the ability to maintain control of their credit cards by paying for their meals 'at the table' and entering their credit card PIN into the wireless payment terminal.
The current insecure practice, whereby customers place their credit card inside a folio and allow the server to take the credit card elsewhere to be swiped on a magnetic stripe reader, will no longer be allowed without the merchant accepting the liability for fraudulent transactions. Restaurants will require a 'pay-at-the-table' device, ideally integrated with their in-house point-of-sale ('POS') solution, in order to correctly identify the table and the appropriate client balances to finalize electronic card payments.
TMC provides wireless EMV Chip and PIN 'pay-at-the-table' credit and debit card processing software and hardware solutions to Canadian merchants nationwide. Based in Markham, Ontario, TMC has deployed its payment software solutions through direct sales and strategic partnerships with the world's largest payment terminal manufacturers. TMC's solutions and services integrate directly with most of the leading restaurant POS applications world-wide. Because TMC's middle-ware product is POS solution agnostic, payment processing relationships can be achieved regardless of the POS solution employed by a particular restaurant. TMC's solutions can be marketed and deployed in the United States where the requirement for 'pay-at-the-table' solutions is becoming a necessary part of restaurant operations due to the introduction of EMV Chip and PIN requirements and the credit card / merchant liability shift due to take place in October of 2015.
The need for more secure forms of payment processing in the United States has become abundantly clear in recent years. News regarding the theft of credit card account numbers and personal information has occurred multiple times. In 2013, between 40 and 70 million consumer credit card numbers were stolen from a large US retailer. In 2009, data from 130 million credit card holders was stolen from a large US credit card processor. In 2007, 90 million credit card accounts were compromised through security breaches at a major US retailer and the US government today continues to investigate a group of breaches at convenience stores, retailers, and airlines resulting in more than 190 million accounts being compromised.
Posera-HDX has developed and deployed POS software solutions at thousands of merchant locations in Europe and Canada and all of our software solutions have been EMV Chip and PIN enabled and certified for many years now. Because of the breadth and quality of our solution and service offerings, our Company is well positioned to take advantage of the market opportunity presented in the United States.
One of the Company's strengths has been its ability to integrate and build on acquisitions both to build our customer base, and to acquire superior technologies that can be used by our entire customer base. The Company is dedicated to providing end-to-end solutions for POS, Payments Processing, Enterprise Management, Client Loyalty, and Site Security.