EMV – Europay, MasterCard and Visa is a global standard for credit cards equipped with computer chips technology used to authenticate chip-card transactions via card reader swiper or terminal.
How are EMV cards different than normal Credit cards?
EMV cards include a metalic square computer chip which can reduce fraud.
The magnetic strips on traditional debit / credit cards contain unchanging data. Anyone who accesses that data can gain sensitive card and cardholder information necessary to make purchases. Every time an EMV card is used the card chip creates a unique transaction code that can not be used again. If a thief stole credit card information from a specific point of sale it would be useless to them and the card would be declined.
Will any card reader or point of sale terminal accept EMV cards?
No, traditional strip card readers do not support EMV technology. If you are not EMV complaiant customers can still pay with an EMV card. It will be read through the magnetic strip like a traditional card.
Will merchants be required to be EMV complaiant?
Merchants are not required to be EMV complaiant at this time. After October 1st, 2015 when a fradulatent transaction occurs liability resulting from counterfeit loss will fall on the merchant if not EMV Compliant. If you business is not EMV ready, now is the time to begin making the necessary steps to becoming compliant. Velocity Web works has several preferred merchant service providers. Merchants can benefit from current rebates or may qualify for a free EMV terminal. If you would like to find out more you can contact us at 1800-941-0645