Smart-chip technology reduces POS fraud
EMV is a fraud-reducing technology that can help protect merchants against losses from accepting counterfeit, lost or stolen payment cards at the point of sale (POS). Named for the three companies that originally sponsored the technology—Europay, MasterCard and Visa—EMV cards contain embedded microprocessors or chips that interact with the POS device.
Merchants without EMV-compatible POS devices assume liability for any fraud resulting from magnetic stripe payment card transactions (except merchants using automated fuel dispensers).
Adding EMV as part of an overall, multilayered data security solution ensures the card is valid and that it belongs to the person using it. It also allows merchants to:
- Better protect against fraudulent card use
- Avoid unnecessary fraud liability
- Reduce skimming at POS
- Help protect their customers’ card data
The EMV card transaction You and your staff may need to show customers who are unfamiliar with the chip-based cards how to insert them in EMV-enabled devices and, if needed, how to authenticate their identification with their PIN. The device will prompt them throughout the process, including when to remove their card when the process concludes.
EMV works with contactless cards and phones and fobs containing the chip, too. You simply enter the sale amount, and the customer then taps the card, phone or fob on the terminal, following the simple prompts.
Future-proof your POS equipment Upgrading your technology for payment processing not only protects you from fraud but can help you provide better service to your customers too. Upgrading can help you accept additional payment types your competitors are not accepting today such as Apple Pay®
EMV chip technology represents a dynamic shift in the way transactions. Now is the time to learn more about how EMV and other payment technologies can help your business.
Contact us for more information about becoming EMV-ready.