EMV Chip Card Payments
Europay, Mastercard, and Visa, the three credit card giants, have set a global standard for chip-based security called the EMV Chip Card. This technology offers more security against counterfeit fraud than the traditional magnetic stripe cards by storing more information such as encrypted data, which can help prevent counterfeit card fraud.
Proudly, a provider of electronic merchant solutions, have products that you can use in your business to facilitate EMV Chip Card Payments. But more than just processing payments, we help your business support great causes.
Questions About The EMV Chip Card
How Do EMV Chip Cards Protect Against Fraud?
Magnetic stripe cards are easy to clone. Criminals may get a hold of your credit card number and place it on a blank card, then use it to make in-store purchases. They are likewise susceptible to skimming, wherein the payment terminal is compromised by placing a skimmer that copies credit card data. This will allow the criminal to sell the data or use it for themselves.
EMV prevents this by requiring the original version of the card upon payment as well as using a one-time, unique code for every transaction used with the card. This means that even if a hacker does get access to that code, they will not be able to use it for other transactions.
What Do EMV Chip Cards Mean For Businesses?
Businesses are encouraged to use terminals that process EMV cards so that they are protected against charges due to fraudulent transactions. Aside from costly fines, you also risk losing the trust of your customers.
Does My Business Really Need to Have An EMV Chip Card Payment Processor?
Although EMV is not mandatory, it is here to stay, so it’s a definite yes. Besides, it’s the smart thing to do since it not only protects your customers, it protects your business as well. Think of it this way, the charges for one case of fraud is likely to equal to the cost of an EMV terminal. You might as well invest in one rather than take the risk and suffer the consequences.
What If I Already Have A Payment Processing Device?
Contact your payment processor provider about updating your device. Integrated point of sale (POS) systems need to be EMV compliant. But if you are currently using a non-integrated system, then you will just need to purchase an EMV card reader. You can check out mobile card readers, which is a more affordable option. This can process magnetic stripe cards, EMV chip cards, and even near-field communication (NFC) payments like Apple Pay, Android Pay, Google Pay, and the like.
Top Payment Processors in The Market
Proudly is one of the top payment processors, and we guarantee you that the products that we offer are all high-quality and very reliable. What makes us different is we offer you an extraordinary opportunity to make automated contributions to a cause of your choice at no additional cost!
If you are looking into upgrading your hardware to EMV-compliant hardware, we have the best options and deals in town.