American Payment Systems has announced that it will be incorporating of a new form of technology into its current offerings that will greatly impact payment processing – EMV (Europay, MasterCard, and Visa). So what is EMV and why is it affecting consumers and businesses alike?
EMV, or smart payment cards, are credit or debit cards with the addition of an embedded microchip. The microchip provides an added security not found in a regular magnetic strip that is used to prevent counterfeit and fraudulent card information.
EMV helps protect merchants from the liability associated with face-to-face fraud. On October 1, 2015 the liability for fraud costs shifts to a merchant who does not have EMV-capable equipment. This means that if a chip card is used at a traditional magnetic stripe-only terminal to make a counterfeit purchase the merchant will be held responsible for any and all fraudulent transactions. The unique communication a chip card has with an EMV-capable terminal makes it virtually impossible for a hacker to steal a consumer’s card information from a merchant location.
It is not required for businesses to conform to these updates; however it is in a business owner’s best interest to make these updates to protect themselves and their customers. Adapting to EMV equipment does not have to be costly, and American Payment Systems can help educate you on what solutions work best for your business to update and meet the requirements of EMV acceptance. Contact American Payment Systems at (402) 502-9985 or support@americanpayment.com to find out more.