You may know it as your “chip card,” but EMV is the standard that all U.S. retailers must now adhere to when processing credit card payments in order to make them more secure. EMV security makes it more difficult for account information to be stolen by hackers from a business’s credit card terminal or network because the chip on the card creates a transaction number that’s unique to that particular transaction, meaning it’s useless if used for any other purpose.
It’s important that your business has the capability to accept these chip cards. Midwest Payment Processing is fully certified to issue our clients EMV compatible credit card terminals so that you and your customers are protected.
Before EMV, credit cards were swiped, and the static number stored in the magnetic strip was read and sent through a network to have funds moved from the customer’s account to the retailer. Because that number stored on the strip is always the same, anyone who could get into the system had the opportunity to use it multiple times. The technology of unique EMV codes for every transaction eliminates this threat and won’t trace back to a cardholder’s account.
Short for “Europay, MasterCard and Visa,” EMV has been adopted internationally and is also used by JCB, American Express, Discover and more. Financial institutions and banks have been issuing customers updated EMV chip cards in preparation for the October 1, 2015 deadline for the switchover. After that date, any company that doesn’t accept EMV payments may be held responsible for the costs of fraud if their system is hacked and credit card numbers are stolen.