EMV CHIP TECHNOLOGY
EMV stands for Europay, MasterCard and Visa. It is a format that has been developed to facilitate communication between an embedded integrated circuit (or “chip”) within payment cards and devices, such as POS terminals and Automated Tellers. These “chip” cards are also referred to as “smart cards”. They have been designed to provide an added level of security for cardholders and merchants by eliminating the possibility of cloning payment cards, thereby eliminating the fraud associated with the use of those cards.
In August 2011 and January 2012, Visa and MasterCard (respectively) announced their plans to implement EMV-capable cards in the United States to keep up with worldwide changes established to increase anti-fraud capabilities.
Key Features and Benefits
of EMV Chip Technology
Whether you are making large purchases or buying groceries, this technology has revolutionized payment processes with added security to provide peace of mind. EMV chip cards are also impossible to counterfeit, which means you can safely transact at any terminal.
Today, banking security measures are high because the risk of losing personal data is higher. Here are the benefits of the new streamlined chip technology:
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It is accepted globally, which means you will be able to make both card and mobile payments abroad
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EMV chip technology is smart and secure, virtually eliminating the most prevalent form of fraud in the US -- card cloning
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The cards can be used in more than 130 countries worldwide. Eventually, the number of chip cards in the world will reach 2.4 billion and everyone will know how to use them
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EMV supports contactless card and mobile wallet transactions, whereby the cardholder can securely and quickly pay for their purchases simply by tapping their card or mobile phone!
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EMV systems can operate offline, which means you can perform transactions without a connection to online banking systems
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Since you will be protected from unauthorized use, there is no liability
What Does EMV Chip and Pin Technology Mean to You?
The new requirement by Visa and MasterCard to issue “chip” cards in the United States means that all devices solely utilizing magnetic stripe (MAG stripe) technology will need to be replaced to support the use of the new cards.
Our credit card processor Elavon has successfully managed the upgrade of networks throughout Europe and Canada to support the security protocols of chip cards. They are now ready to bring our clients the enhanced security provided through the use of fully-certified EMV terminals.
What If I Currently Use a Point of Sale (POS) System?
For those using Point of Sale (POS) systems, we understand the value that integrated payment systems provide and do not suggest you give them up in order to transition to an EMV device. Attila Business Solutions are experts in facilitating POS communication with an EMV enabled Encrypted PIN Pad (EPP) or terminal in order to securely transmit transaction data, so contact us to learn more.
We have successfully navigated this transition for several organizations and can guide you through the process, enabling you to continue to reap the rewards of an integrated system.
What To Do When Using a POS System
We understand the value of integrated payment systems and do not suggest those still using Point of Sale (POS) systems to transition to an EMV device. Attila Business Solutions are experts in facilitating POS communication with an EMV enabled Encrypted PIN Pad (EPP) or terminal in order to securely transmit transaction data, so contact us to learn more.
Our company has helped several organizations successfully navigate this transition and can guide you through the procedure. This will enable your business to continue reaping the rewards of an integrated system.
There are also many benefits of transferring to EMV chip and pin technology; however, the main perks are PCI compliance for merchants, drastic reduction in fraud in the card-present environment, secure transactions and a variety of transaction types (mobile, contactless and contact).
The EMV technology is user-friendly; more than 82% of credit card users report positive experiences when using the chip cards, whereas 74% of users do not experience any difficulties while transacting with the cards.
Change may be inevitable and somewhat daunting, however, we help to simplify implementation smoothly and affordably so that your organization can capture the benefits of new technology.
For those using Point of Sale (POS) systems, we understand the value that integrated payment systems provide and do not suggest you give them up in order to transition to an EMV device. Attila Business Solutions are experts in facilitating POS communication with an EMV enabled Encrypted PIN Pad (EPP) or terminal in order to securely transmit transaction data, so contact us to learn more.
We have successfully navigated this transition for several organizations and can guide you through the process, enabling you to continue to reap the rewards of an integrated system.