EMV (Europay MasterCard Visa) chip technology is the credit card industry’s solution to dramatically decrease card-present fraud. Banks are now beginning to issue credit cards with this chip and businesses are now starting to upgrade credit card processing equipment in order to accept this new technology.
What is EMV and what is its purpose? EMV was created by the major card brands to help reduce counterfeit credit card fraud by placing a security chip in credit cards. When used with the EMV compatible credit card processing equipment, stealing and duplicating a credit card is virtually impossible. This is done by changing a code each time the card is used.
When does my business need to be able to accept EMV transactions? The fraud liability shift will go into effect in October of 2015, so this is the deadline. The liability shift means if a business is not compatible to accept EMV technology, financial liability of fraudulent transactions will land on the business.
How do I know if I need to update my current credit card terminal? Many terminals being used now are almost EMV compatible; you may only need to add a customer-facing PIN pad. For a list of compatible terminals, please visit http://bestcardpayments.com/emv-compatible-terminals/. If you don’t see your terminal listed, please give us call and we can check for you.
How much will it cost me to update my credit card terminal? The cost will range from about $230-410, depending on the equipment you choose and need. NOTE: Be wary of purchasing equipment online. Many times these terminals are not provided by a reputable source. You never know what has been programmed into the terminal or how it has been setup.
My business processes ONLY card-not-present transactions. Am I still affected? No, EMV is only affecting businesses that process card-present transactions. eCommerce businesses or those who only accept card-not-present transactions, are not affected by EMV at this time.
———————————————– Apple Pay ————————————————–
What is Apple Pay and how is it connected with EMV? Apple Pay is a new way for customers to securely store credit cards and pay using their iPhone. When you upgrade your terminal to accept EMV transactions, be sure the credit card terminal or PIN pad is also Apple Pay (NFC) compatible.
How can my business accept Apple Pay transactions? The technology to accept Apple Pay transactions can be included in your EMV upgraded equipment. Apple Pay use is set to skyrocket in the coming months so you’re business will want to be prepared.
I still have questions. Who can I call? Best Card Payments is a Nebraska-owned credit card processing provider based in Lincoln and Omaha. Please feel free to contact us with any questions at (402) 206-2233 or via email at email@example.com.