The credit card processing industry, have been working towards including EMV technology in all of the point of sale systems.
Many processors have sent out EMV capable devices that will need to be adjusted before they can start accepting EMV card transactions.
See which category you fall into so you are prepared when October 1 rolls around.
First, check and see if your credit card machine has the slot to accept EMV cards (it’s either a slot in front, or on the top of, the unit). If you don’t, you need to contact your processors or sales agent to update your equipment .
If you do have the slot for EMV cards, you’ll need to contact National Transaction to see if your EMV capable machine has been enabled to accept EMV cards.
What is the difference between EMV capable and EMV enabled?
- EMV Capable – EMV capable means that your credit card machine is equipped with the hardware (i.e. the slot) and has the capability to do a transaction, but first you’ll have to update the application to enable you to process the cards. At National Transaction, we have a support specialist to assist you with step-by-step instructions to switch your credit card Point-of-Sale System, from EMV capable to EMV enabled.
- EMV Enabled – When your machine is EMV enabled, your terminal is ready to accept EMV transactions. According to MasterCard, 73 percent of consumers say owning a chip card would encourage them to use their card more often. In addition, 75 percent of consumers expect to use their chip card at the merchants where they shop today. Keeping these numbers in mind, it only makes sense to equip your business with an EMV enabled credit card POS system.
What makes EMV technology so important?
EMV is a global payment system that adds a microprocessor chip into credit cards and debit cards, and reduces the chance a transaction is being made with a stolen or copied credit card. Unlike traditional magnetic-stripe cards, anytime you use an EMV card, the chip in the card creates a unique transaction sequence that can’t be replicated. Because the number will never be valid again, it makes it hard for hackers to fake these cards. If they attempt to use the copied EMV card, the transaction would be denied.
The rollout of EMV technology is ongoing, but even with the October 1 deadline, it’s estimated that only 70 percent of credit cards and 40 percent of debit cards in the U.S. will support EMV. Despite these numbers, that doesn’t mean you shouldn’t update your equipment.
Following the deadline, card present fraud liability will shift to whoever is the least EMV compliant party in a fraudulent transaction.
Make sure that’s not you!