EMV is a fraud-reducing technology that can help protect merchants against losses from accepting counterfeit and lost or stolen payment cards at the point of sale (POS). Named for the three companies that originally sponsored the technology—Europay, MasterCard and Visa—EMV cards contain embedded microprocessors or chips that interact with the POS device.
Effective October 1, 2015, merchants without EMV-compatible POS devices assume liability for any fraud resulting from magnetic stripe payment card transactions. The exception is for merchants using automated fuel dispensers; liability shifts to them in 2017.
Adding EMV as part of an overall, multi-layered data security solution ensures the card is valid and, with the use of a PIN, that it belongs to the person using it. It also allows merchants to:
The EMV card transaction Transactions using EMV cards are fast and easy for merchants and customers alike. You and your staff may need to show customers who are unfamiliar with the chip-based cards how to insert them in EMV-enabled devices and then how to authenticate their identification with their PIN. The device will prompt them throughout the process, including when to remove their card when the process concludes.
EMV works with contactless cards and phones and fobs containing the chip, too. You simply enter the sale amount, and the customer then taps the card, phone or fob on the terminal, following the simple prompts..
Future-proof your POS equipment Upgrading your technology for payment processing not only protects you from fraud but can help you provide better service to your customers too. Upgrading can help you accept additional payment types your competitors are not accepting today such as Apple Pay—which offers nearly a 53% faster transaction than traditional magnetic stripes. This could give you a competitive differentiator in your marketplace while increasing the security of your sales transactions.
EMV chip technology represents a dynamic shift in the way transactions are processed and will soon be ubiquitous in payment processing. Now is the time to learn more about how EMV and other payment technologies can help your business.
Contact us for more information about becoming EMV-ready or call 866-571-0307.
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EMV™ is a trademark owned by EMVCo LLC.