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 !

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