By MJ Stone on July 20, 2018
Is your business EMV compliant? Two years ago, the EMV
(Europay, MasterCard and Visa) credit card enhancements were introduced in the United States. It’s now poised to sweep the nation in response to numerous data breaches and persistent credit card fraud. As a business owner, you don't want to be caught on the wrong side of the change.
EMV cards that feature 'tap and pay' options are slowly, but surely, taking over. They’re part of a new wave of cards that feature added convenience and embedded security technology to protect both merchants and consumers alike.
EMV COMPLIANCE DETERS FRAUD
EMV cards employ a security measure known as 'dynamic encryption technology' which ensures a new security code for every recorded transaction. This is proven to be more secure than transactions associated with non-EMV cards.
EMV technology protects businesses from the overwhelming number of stolen or counterfeit cards in circulation that contribute to fraudulent online and in-person sales. Fraudulent card usage creates chargeback problems for business owners.
In October of 2015, the Payment Network’s Liability Shift occurred. This made business owners that accept transactions made with non-compliant EMV cards liable for all fraudulent transactions. The number of EMV terminals continue to increase nationwide to avoid this liability.
EMV COMPLIANCE MAKES TRANSACTIONS FAST AND EASY
It’s not only added security that makes EMV terminals so attractive. Consumers can now quickly pay for small purchases by simply tapping their Contactless EMV Card on an EMV payment terminal.
A tiny antennae and microchip embedded within Contactless Cards emit a small radio frequency that allows a transaction to be processed without requiring a personal identification number (PIN) or signature. This shorter purchase time ensures shorter lines at busy establishments.
Older POS solutions are no longer able to provide the safe and efficient processing of today's fast-paced payment transactions. It’s essential that business owners not be caught flat-footed by neglecting to upgrade their terminals to EMV compliance.