About the EMV Credit Card Processing Update

WHY THE EMV CREDIT CARD PROCESSING UPDATE CAN REDUCE FRAUD FOR MERCHANTS

EMV credit card processing update as of October 2015 – Credit card fraud has been increasingly on the rise especially with magnetic stripe based cards that are easy to read and copy making it a major threat especially for mobile payments that has seen the volume of trades go up by a significant factor. With the new EMV payment processing directive, most ATM manufacturers have switched over to EMV-compliant cards that are more efficient to use in the sense that their chips make them easy to flash and update which then lead to decreased fraud or other related crimes. However, these cards are also bringing in a liability shift to the market which is a significant threat for issuers, acquirers, merchants and others involved in the financial markets. This comes when they have to accept liability for fraudulent transactions that have taken place using counterfeit cards.

The pace of the adoption is also accelerating globally and is being taken up by major card providers including Visa and MasterCard. The change is also set to see a modification in terms of payment processing as the terminals will need to be chip enabled so as to provide a secure means of processing these payments. As more and more businesses move towards EMV compliant card terminals, we are going to see a reduction in the cost of creditcard fraud and a reduced number of such fraudulent transactions with the new chip cards. The funding of this paradigm shift is expected to be a major expense item but still a reasonable one considering the various beneftis that will be brought on by the move.

With the new EMV credit card processing updates, merchants and issuers will be able to reduce merchant credit card processing fraud related incidences by a huge margin while those that previously relied on magnetic stripe payments will no longer be able to conduct such transactions owing to the strict regulations that have been put in place. Overall, this is one huge leap for the financial sector. Dont place your company at risk ! Call our Miami Florida credit card payment processing company today to check if your business credit card terminals and Point of sale systems are EMV compliant…do not be a victim of a credit card security breach…we service merchants with EMV Credit Card Processing Services in South Florida cities and nationwide….call us today !

Adoption of the EMV Liability Shift in the United States

EMV LIABILITY SHIFT

The migration of Europay, Mastercard, Visa (EMV) looks as if it currently has become part of the consumers in America. Majority of small business merchant services need to be knowledgeable about the chip card POS systems, as well as the EMV liability shift, even if it did not have any upgrades. The U.S. EMV adoption has been a bumpy road, especially of what is happening in the present times.

EMV Payment Processing Against Credit Card Fraud

Through EMV innovation, microprocessor chips were inserted in credit and debit cards. This makes a unique one-time code that can be changed when each purchase is made so fraudsters think twice about pursing their plan. The code includes a number of several variables and is not connected to the card owner’s account.

Chip cards are sophisticated making credit card payment processing more secure to keep fraudsters away. The chip located on the left side of the new card is a small computer chip for data protection. While the data on a magnetic stripe is always changing, so any one thinks twice about isolating and extracting the chip, making it hard for them to do credit card payment processing.

Visa EMV chip

Visa is going to make some EMV chips technology available for free in connection with a general, unbranded application identifier (AID). This kind of approach is going give the most flexibility so that issuers can control card portfolios over time.

Merchant pay processing can still be linked to debit transactions to their chosen network when they can using magnetic stripe transactions. The issuers can change their debit network without the need to rer-issue cards.

What will happen in the future?

Even if merchants and credit unions are not able to adopt EMV properly, only a quarter of all POS transactions are going to use technology. It is essential to realize that technology can work in countries that have a strict implementation of it. In Europe, there has been a dramatic reduction of credit card fraud. It is projected that as more merchant account providers will use EMV credit card processing terminals, there will be lesser fraud in payment processing services. Need to process credit cards at low rates ? Or perhaps you need to update your point of sale equipment at your store ? We can help ! Contact our local merchant account processing company today for more information on our low merchant account rates.

Are EMV Credit Cards supported by your POS System

One of the advances in credit card payment processing is the switchover from the traditional credit or debit card in favor of Euro pay, MasterCard and Visa or simply (EMV Credit Cards). This form of card payment was invented as a way of curbing the rising cases of fraud, data breaches, skimming, identity theft, counterfeit cards, account infringement and much more. However, although established several years ago and adopted as the global standard, many small business merchant services are yet to embrace the new and better credit card processing system.

Statistics indicate that large retailers such as Costco, Target and Wal-Mart have already incorporated  EMV with Point of Sale system but many small retailers are still lagging behind. As of October 2016, 37% (1.7 million merchants) had adopted Visa while retailers using MasterCard EMV POS merchant payment processing was approximately 2.3 million.

Advantages of EMV Credit Cards over the Traditional Magstripe Card

Before the innovation of EMV, credit cards relied on a magnetic stripe (Magstripe) that stored all the vital information including password, account balances, transaction codes and much more. A credit card payment processor simply swiped the card by moving it slowly inside a specialized slot. EMV credit cards use an embedded metallic square chip to store the necessary information and instead of swiping the card, payment processing companies simply insert or dip it inside the POS terminal and wait for a connection to be established.

Contact-less reading is also another option of capturing the details where the cards are lightly tapped on a terminal reader or scanner. According to many merchant account providers, contactless reading or tapping is seen as a more user-friendly option. In contrast top Magstripe that retained the same code and allowing duplication of information and cards, chipped cards keep changing the codes making it difficult to replicate or steal information.

According to many EMV software developers and payment gateway providers, a hacker who manages to steal data from a particular POS won’t be able to reuse the information at another point. The system would simply deny the card. Contact our local merchant account companies today to speak to a merchant services representative for advise on how to get the best merchant account rates for business…or info on EMV Credit Cards.

Can EMV affect Ecommerce Business Payment Processing

Many merchants that have an Ecommerce Business Payment Processing be affected by the new EMV laws that went into effect on October 1, 2015…First you should understand that EMV credit cards are the new upgrade when it comes to transactions and payments processing at the point of sale terminals and over the internet. They have far advanced features such as in-built security apps that are used to generate additional security such as one-time passwords that would prevent your card from being copied in any meaningful way by fraudsters. For any business that accept credit cards, the presence of EMV signifies that they will be able to conduct business operations in a secure manner which ensures that they maintain integrity for their businesses while keeping the trust of their customers.

The new EMV upgrades can affect e-commerce firms in some varied ways. For instance, physical transactions that are done in the form of a swipe or a scan will become way more secure than those that are conducted over the internet. This is owing to the extra security features that prevent people from posing as the legit owners of the card and using the information for their gain. Additionally, it also increases the reliability of the business and emv payment processing services get a whole new type of boost.
Someone that illegal gains possession over your card will be unable to do anything meaningful with it and gets to be caught up with even faster when you have EMV features protecting your card. Additionally, most major businesses these days tend to contact the issuing bank only in cases when actual fraud has been witnessed hence making it difficult to track down successful payments that are done illegally.

For e-commerce businesses processing online, the presence and usage of EMV for securing payments means they will be able to take the level of their operations a whole lot higher as well as maintaining the confidentiality of their activities. It will also give them a better grounds for confirming transactions and tracking down suspicious activities owing to a bunch of security features that are hidden beneath the surface. contact our EMV credit card processing experts today to learn more about our low cost merchant payment processing services and Ecommerce Business Payment Processing.