There’s an important deadline approaching and your business should be prepared. October 1, 2015 is a date to mark on your calendar. That’s when businesses need to update their credit card terminals to accept EMV chip cards or they may assume financial responsibility if a data breach or counterfeit transaction occurs.
EMV technology is the global standard based on credit and debit cards embedded with a small computer chip that offers a greater level of security. The chip card generates a one-time code for the transaction that cannot be used again, which renders any stolen transaction information useless to hackers. In this instance the attempted fraudulent transaction would be denied. The dynamic data produced in EMV payment transactions has been extremely effective in bringing down counterfeit card rates in countries where it is used.
Many European countries adopted EMV technology years ago to combat high fraud rates. Some U.S. travelers have reported difficulties in using their magnetic stripe cards while traveling abroad. The most common areas where travelers may face issues are at unmanned kiosks for tickets, gasoline, tolls and/or parking, and in rural areas where shop owners do not know how to accept magnetic stripe cards. Now EMV is gaining momentum in its adoption in the United States — the last major market that still uses the magnetic-stripe card system. An increasing number of U.S. banks are issuing EMV chip-equipped credit and debit cards to help protect their customers and ensure global interoperability.
TransFirst® encourages our sales partners and their merchant customers to upgrade to EMV-capable equipment to benefit from its security features and other advantages.
EMV payment terminals can also support contactless card reading using Near Field Communication (NFC). This lets you accept payments via digital wallets such as Apple Pay™, Google Wallet™ and Samsung Pay™— and because EMV/NFC capable terminals offer more payment convenience — it’s good for you and good for your customers.
Chip technology can help improve the overall payment experience and the increased security can alleviate some of the worry about payment fraud. Now is the best time to make the switch and upgrade to EMV. Future-proofing your business can increase your peace of mind and your bottom line.
EMV is a registered trademark or trademark of EMVCO LLC in the United States and other countries. www.emvco.com. Apple Pay is a trademark of Apple Inc. Google Wallet is trademark of Google Inc. Samsung Pay is a trademark of Samsung Electronics Co., Ltd.