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.