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 who still accept magnetic-stripe cards with their POS devices will assume liability for any fraud resulting from those transactions.
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:
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. 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 888-330-HBMS.
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EMV™ is a trademark owned by EMVCo LLC.