What is EMV?
If you haven’t seen or heard yet, you soon will—here’s is a quick rundown. EMV or Europay, MasterCard, VISA (named after the companies that originated the payment standard) is a data-driven form to increase security and protect against fraudulent charges while paying at the register. EMV is known as a smart-payment system that uses an embedded chip containing microprocessors on a credit or debit card, similar to a SIM card in a cell phone, which transfers payment information from a person’s card to the merchant. Already adopted throughout most parts of the world (Europe, Canada, Latin America Middle East and so on), the US is one of the last countries to enact in this standard. These are also know as Chip Cards
Small size, with big benefits.
Although small in size, the chip contains a lot of fragile information that is significant to safeguard—a loss of this can cause major problems. Within the embedded chip lays the microprocessor, much like a computer. The way it works is pretty simple; when the card is used at a terminal, the data becomes fully encrypted by the chip. That means that while you’re paying for the double latte, your name, card number, expirations date and security code are all being scrambled and decoded. This happens every time you pay with EMV; this way data cannot be copied or lifted by a third-party. Ah, technology, neat when you think about it.
EMV / Chip Cards – WHAT YOU NEED TO KNOW
What Are Chip Cards?
Chip cards are standard bank cards that contain an embedded microprocessors. They offer enhanced security against fraud versus the magnetic stripe cards.
What Is The October 2015 Liability Shift?
The four major card brands have set October 2015 as a key date in the U.S. migration to chip technology for card present transactions. On this date and beyond, if a business has fraudulent activity as a result of being unable to accept chip cards, that business may bear the loss.
What Do I Need To Do?
If you take credit cards in a card present transactions environment, you will need to upgrade it to accept chip cards. You might want to consider to include mobile payments like Apple Pay. Tampa Bay Merchant Services has affordable chip card ready terminals and we also offer options that include mobile payment acceptance for digital wallets like Apple Pay.
You can ready more at our blog: More Info About EMV
The question is are you ready for accepting Chip / EMV Cards? Call or email us for upgrading your terminal.