October 19th, 2015 by Elma Jane
If you’re a merchant accepting credit cards, you’re probably aware that things are changing. As of October 1st, 2015, merchants are now liable for any fraudulent activity that occurs as a result of non-EMV-compliant. For those Merchants who haven’t yet updated their POS terminal, you need to talk with your processor to get a new equipment.
Things Merchant should know to be EMV ready:
What is EMV Chip Cards? Chip Cards are standard bank cards that are embedded with a micro-computer chip. Some may require a PIN instead of a signature to complete the transaction process. The new cards will still have magnetic stripes, at least for the time being, so you technically can continue to process payments with the same old equipment you’ve been using for years. But by refusing to upgrade your hardware, you are taking on responsibility for any fraud that might have otherwise been prevented with the new technology.
How does EMV Chip Cards Work? Instead of swiping your card, you are going to do what is called card dipping, which means inserting your card into a terminal slot and waiting for it to process.
When a Chip Card or EMV Card is dipped, data flows between the card chip and the issuing financial institution to verify the card’s legitimacy and create the unique transaction data.
This process isn’t as quick as a magnetic-stripe swipe. It will take a little longer for that transmission of data.
What Must a Merchant Do? For merchants and financial institutions, the switch to EMV chip cards means adding new in-store technology and internal processing systems, and complying with new liability rules. Merchants who have not yet purchased new POS Terminal may be held liable for fraud as of October 1st, 2015. Implementing EMV technology isn’t an option, it’s a necessity. If you are one of those in the retail business or retailers using mobile payment devices who missed the Oct. 1st deadline, you are already at risk. Upgrading should be a top priority.
Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Point of Sale Tagged with: bank cards, chip cards, credit cards, data, EMV, financial institutions, magnetic stripes, merchant, mobile payment, PIN, POS terminal, processor, retail business, terminal slot
July 10th, 2015 by Elma Jane
Every Merchant in the country needs to upgrade their terminal. Are you ready for the October 1, 2015 Liability Shift?
Beginning October 1, 2015, all businesses that accept in-person payments must be able to take cards embedded with chips to avoid liability for fraud. The chips are more secure than magnetic stripes.
National Transaction brings the latest EMV and NFC technologies to Merchants.
NTC Clients will be able to accept contactless payment with the same NFC technology used by Apple Pay, Google Wallet and SoftCard. Additionally, the Ingenico terminals are EMV Enabled, delivering the latest in fraud prevention technology.
The new EMV enabled terminals are designed to accept EMV chip cards and magnetic stripe cards.
EMV (an acronym for Europay, MasterCard® and Visa®) is a global technology standard for payment cards.
What are the benefits of having an EMV terminal?
These next generation terminals can reduce your risk of accepting counterfeit cards, as chip and PIN transactions verify both the card and the cardholder.
Eliminate your card present fraud liability exposure associated with the October 1st, 2015* liability shift imposed by the card brands.
Improve customer service for your international cardholder customer. EMV cards are already the standard in over 80 countries.
Be on the lookout for more information about how to be chip card ready before OCTOBER.
*Businesses with Automated Fuel Dispensers (also called “Pay at the Pump”) acceptance methods have until October 2017 to comply with the new standard.
Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Mobile Payments, Near Field Communication, Point of Sale Tagged with: cardholder, cards, chips, EMV, emv cards, EMV terminal, EuroPay, magnetic stripes, MasterCard, merchant, nfc, payment cards, payments, PIN transactions, terminal, visa