Posted: Feb, 21, 2023 9:57AM ET • 3 min read

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Payment security is one of the most critical factors in running a successful and profitable parking operation. That is why partnering with a parking operator that can build secure card payment gateways is vital. This will not only result in substantial cost savings but in an unmatched level of support, accountability and security for your customers.

To ensure that your organization remains up-to-date with the latest payment processing procedures, below are five Canada-specific financial compliance mandates that should be on your radar.

1. Mastercard Contactless EMV

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

Key Date

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

2. 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 terminals that do not support EMV.

3. Interac Key Management Migration

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

Key Date

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

4. Visa PCI PTS 1.x Retirement

All expired PCI PTS terminals must be removed from service.

Key Dates

December 2027: Terminals with PCI PTS 2.x
December 2030: Terminals with PCI PTS 3.x

Aside from ensuring your financial processing procedures and technology are up to date, it is important to ensure your parking operator specializes in certified financial processing services and is in compliance with Canada’s Payment Card Industry Data Security Standard (PCI-DSS). This provides peace of mind for you and your customers, knowing that their financial information is secure.

Reference

Precise ParkLink | Parking Management Services. (2022, September 12). Upcoming Financial Compliance Mandates You Need to know - precise ParkLink: Parking management services. Precise ParkLink | Parking Management Services. Retrieved February 6, 2023, from https://www.preciseparklink.com/news/upcoming-financial-compliance-mandates-you-need-to-know