EMV is a microchip placed on consumer credit cards which contributes to safety and security for cardholders and business owners helping consumers and businesses to circumvent credit card fraud. The microchip creates dynamic transaction data unlike a regular credit card that contains static transaction data. Countries outside of the United States have already implemented EMV chipped cards and have seen as much as 35% fraud reduction. As of right now, Card-Not-Present transactions are not affected by EMV but could be in the future.
EMV = EuroPay, MasterCard, VISA
They receive an EMV Micro-chipped credit card.
They will upgrade their Point of Sale (POS) Systems which is capable of accepting the EMV micro-chipped credit card.
EMV is required by credit card companies and safeguarding your business from fraud should be one of the most important items on a business owners mind. With the implementation of the EMV microchip on credit cards, it is pertinent that each business upgrade to an EMV terminal because after October businesses will be liable for any fraud that occurs. Consumers will switch their cards to EMV micro-chipped cards for more security to protect themselves from fraud. Standard mag-stripe cards will eventually be phased out all-together.
Losing money and business should convince you to upgrade but if you still have questions or concerns before switching to an EMV terminal please contact us.
An EMV terminal features a slot for EMV cards as well as a slot for the classic cards.
No. NFC gives consumers the option to use different pay methods like ApplePay and Google Wallet.
All you need to do is contact us to switch to an EMV capable credit card terminal is simple.
The cost can vary depending on the equipment you choose and the processor you are working with. Review a list of EMV capable credit card terminals.
You won’t be turning away customers and losing money because they ONLY carry EMV chipped credit cards. This will become standard among a high percentage of your customers.
Your business will have better safety and security. If you find your business is a victim of fraudulent activity, such as a data breach or credit card fraud, you will not be liable with EMV transactions.
Would you really want to turn away business? Is your business so secure that you would never have to worry about a breach or fraud? Highly unlikely. Why would you risk your entire business or losing loyal customers by not upgrading? Your business will be responsible for any and all fraud that occurs from using a mag-stripe credit card. If you’re still on the fence about upgrading, please contact us.
Yes, credit card terminals will still have a magnetic stripe swipe reader and you can continue to accept payment cards that are not chip-enabled. Chip cards will also have a magnetic stripe during the U.S. migration to EMV, to ensure that customers can continue to pay until all merchants have been given the time to upgrade their equipment.