Oracle's Opera property management system and Micros point-of-sale
system now can accept chip-and-PIN—or EuroPay, MasterCard and Visa—and allow point-to-point
encryption through payment security technology company FreedomPay. The
companies piloted with the solution with "a large hospitality and gaming
client" for a year before making it available for general use.
In October 2015, merchants became liable for fraudulent card
transactions if they had not upgraded to EMV chip technology and the card
issuer had. A year later, only 29 percent of U.S. merchants have upgraded their
systems to accept chip cards, according to FreedomPay chief technology officer
Christopher Kronenthal.
Some of the U.S. merchants that do accept EMV cards use EMV
payment terminals that are not connected to their point-of-sale systems. Others
are awaiting approval EMV certification. FreedomPay eliminates these obstacles
by integrating with Oracle and because it complies with EMV and Payment Card
Industry Data Security standards, according to the company.
While EMV prevents against in-person fraud,
FreedomPay's point-to-point encryption also prevents hackers from stealing
credit card details at the point-of-sale, the company said.