EMV -- which stands for Europay, MasterCard and Visa -- is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. A card with EMV technology provides enhanced security and protection against counterfeit fraud when used in an EMV-enabled merchant terminal or ATM.
Avoid Liability Costs
Since October 1, 2015, businesses not using an EMV-enabled systems can be held liable for certain types of fraudulent transactions and the responsibility of losses falls upon whichever party is the least invested in EMV technology. Simply put, if someone makes a fraudulent purchase with a counterfeit chip card at a business, and the company is still using a magnetic stripe credit card machine, the company will be liable for the full cost of the transaction and any subsequent fines. Why put those dollars at risk when you can avoid the liability?
Lower Risk of Fraud
Instead of storing information on a magnetic strip, EMV cards have a small, metallic computer chip on the front. When making a transaction at an EMV-enabled terminal, the chip works much like a microprocessor, encrypting sensitive banking information and making it more difficult for criminals to intercept and duplicate the data. This feature benefits the customer and the business owner. Installing EMV-compliant POS systems will allow you and your customers to conduct more secure transactions, reducing the risk of fraudulent charges. Who doesn't like that?
Ability to Accept Mobile Payments
An overlooked benefit of upgrading to a new EMV POS system is how it will help you prepare for the future. As customers become more comfortable with EMV technology, you will most likely notice an increase in those looking to pay with contactless and mobile wallet methods. Our EMV credit card terminals are equipped to accept NFC-based mobile payments, or digital wallets, like Apple Pay™ and Samsung Pay™. So, with us, you will be ahead of the game.
If you'd like more information, please contact us online or call our Treasury Management Department at (915)747-1674 or toll-free at 1-800-366-4578.