“EMV” stands for “Europay, MasterCard, and Visa,” the three major credit-card companies that developed the technology used on the microchips embedded in modern credit and debit cards. These chips are quickly taking over from where the common but old-fashioned magnetic strips left off, and the strips themselves took over from systems like raised numbers and a security number on the back of the card. Implementing EMV chips and readers is an expensive process, but there are five important reasons why this investment is worth the price.
EMV Is Global
You can’t always count on a technology standard being universal. That’s something you quickly realize when you bring your electronics from America and discover the shape of the power outlets in France. However, EMV authentication is a global standard, and it’s already made its way deep into European markets where not every merchant could process an American magnetic strip in the first place.
EMV Is More Secure
Magnetic strips were incredibly secure back when credit card companies first introduced them, but times have changed. Identity thieves can hack or spoof readers to get all the info the magnetic strip communicates and use that to create fake cards. EMV chips are encrypted, and even the simplest encryption can add days or more to the time an identity thief needs to use your information. The cards also add extra verification methods.
EMV Supports Most Transaction Types
The basic EMV chip transaction involves sticking the chip into a reader. Once there, the reader will decrypt information, verify the transaction, ask for a signature or a PIN number, and then finalize the transaction. However, you can also perform a contactless transaction by simply tapping the chip side of your card against a wireless terminal the same way you would for a smartphone.
EMV Includes An Offline Mode
The microprocessor on board the microchip can do a fair amount of verifying and recording transactions even without an active online connection. For that matter, they can store PIN numbers and verify them without having to connect to the bank that sponsors the debit card. If you happen to be somewhere the internet can’t go, you can still make use of your EMV-enabled card.
EMV Companies Are Cutting Merchants A Break
Because getting and setting up EMV readers can be expensive, a lot of merchants are dragging their heels when it comes to updating their systems. That’s why the companies implementing EMV cards are cutting these merchants a break. PCI (Payment Card Industry) security standards can be very expensive to meet as well, and so PCI companies are offering relief from these fees as a way to help cover the EMV implementation.
The Best EMV For Your Business
At Global 1 Wholesale Merchant Services, we offer up-to-date merchant services that include EMV readers. We can make sure you can accept modern chipped cards and make full use of credit and debit networks instead of taking cash or nothing. Taking credit and smartphone wallet money is essential in this day and age. Updating your devices can go a long way in boosting the amount of business you do. Contact us today!