The migration from strip based to EMV chip cards (Europay, MasterCard, and Visa) to authenticate credit card transactions has changed the way merchants and consumers make purchases. Even though some countries have been using EMV for years, the U.S. credit card manufacturers have only recently converted to chips. The following are EMV essentials every merchant must know.
- EMV cards are more secure. Previously, credit cards used a magnetic strip to make payments. Strips contained unchanging data that was accessible to hackers who would duplicate magnetic strip information. With and EMV chipped card, a unique transaction code id generated that makes theft difficult.
- EMV are NFC compatible. EMV cards can also support near field communication. This technology allows you to just tap the card against an NFC enabled terminal that reads data straight from the chip.
- EMV card transactions can be PIN verified or signed. There are a few verification methods for EMV cards. You can either enter a PIN number or sign to verify transactions.
- Training Makes All the Difference. Training for associates and management is imperative to making the customer experience fast and efficient. Businesses that train and convert as soon as possible will keep pace with major retailers that have already gotten customers used to EMV. Customers may wonder if your business is a professional as those tt have converted.
- Pre-planning is Key to Success. Know how much it will cost to implement EMV, the steps to take and the partners necessary to get it done. Since equipment upgrades can be both costly and time consuming, start planning far in advance. Determine what benefits you’ll want your EMV systems to come with before replacing hardware or software solutions.
EMV chip cards have proven to be a much safer method of paying than old magnetic strips. Ensure that your business is ready to process EMV chip cards by opening a merchant account with eMerchantBroker.com. EMB is the payment process that has the experienced staff and systems to get your merchant account set up and running within 48 hours.