EMV
Is Your Business Ready for EMV?
EMV
An industry shift in the US from traditional magnetic swipe to EMV technology could impact your credit card transactions. We’ve answered a list of common EMV questions to help your small business avoid risks of chargebacks and fraud liability.
What is EMV?
EMV is a new payments technology that upgrades traditional magnetic strip cards and processing, vastly improving security to eliminate risks of counterfeit and lost/stolen fraud.
EMV stands for “Europay, MasterCard, & Visa” – the technology’s developers.
What Are EMV “Chip Cards”?
EMV chip cards look the same as traditional magnetic strip ones, but add a small, visible chip into the card.
- This chip contains software, secret security keys, and cardholder data to authenticate the user and hardware each time it is used.
- For each transaction, the chip generates a one-time numeric key to validate the user, virtually eliminating counterfeit fraud.
Can Chip Cards Be Used in Magnetic Non-EMV Enabled Hardware?
Absolutely! Chip cards include a magnetic strip on the back so they can be successfully swiped.
How Does EMV Affect My Business?
All major card issuers in the US are shifting who is responsible for chargebacks when EMV fraud occurs.
- If EMV chip card fraud occurs to merchants without EMV enabled hardware, the chargeback will fall on the merchant – not the issuer as before.
- However, chip card fraud that occurs on EMV enabled hardware will be charged back to the issuer and not the merchant.
How Can I Prepare For EMV?
Although law does not require you to upgrade to EMV, most merchants should be able to upgrade to an EMV capable terminal with a one-time terminal upgrade expense. This enables your business to take EMV chip cards without the risk of chargebacks.
How Can We Help?
Our Support Team is happy to assist you to find the best EMV solutions for your business.
Contact us here or call us today at 888.998.6224.
