What is EMV?
By:
Bethany
- 10/27/2015
If you have a credit or debit card, hopefully you have received a new one by now containing an EMV chip (that’s the little square box on the front of the card with lines running through it). So what is EMV? Here it is in simple terms: “EMV® is a global standard for credit and debit payment cards based on chip card technology". It’s name comes from the original companies to put it into place - Europay, MasterCard, and Visa. This newer technology is a way to lower credit card fraud by putting a super small computer chip in the card. The chip offers better data security by exchanging a lot more information with the card terminal than your normal magnetic stripe card, increasing the difficulty to steal information in-person. *Why are we making the switch?* This standard has been adopted in other countries and has proved successful in lowering in-person credit card fraud percentages. The United States has now decided to change our national standard, implementing it across the country starting October 2015. *How will this affect my business?* It is important to be aware of this change and the steps you should take to prepare. Firstly, you will need a new processing terminal, one with a chip reader. Next, understand that there has been a liability shift. Prior to October, if you accepted a fraudulent card, the bank is liable for costs. But that has switched to the merchant if you do not have a chip reader. However, it's not too late to switch! If you are equipped with a chip reader, the bank will once again be liable for fraudulent charges.
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What is EMV?
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