Magnetic strip cards are becoming a thing of the past. Is your business ready for the new generation of credit cards coming down the pipeline?
- WHAT IS IT: EMV stands for Europay, Visa, Mastercard. It is a technological advancement in credit cards that implements a microchip instead of a magnetic strip on the card. Instead of being swiped, EMV cards are processed by being inserted into a terminal and then pulled back out.
- WHY IT’S DIFFERENT: The microchip in the EMV cards provides stronger security for transactions. Not only is the card itself more protected by cryptographic algorithms, however it also requires consumers to use a PIN code instead of just signing a paper receipt. This increase in protection has created a “liability shift” – instead of the banks, it will be merchants who are held accountable for any fraud that occurs from non-EMV cards.
- WHAT IT MEANS FOR YOUR BUSINESS: By October 2015, if not earlier, your equipment will need to be updated in order to accept payments from EMV cards. If your equipment isn’t updated, you could lose out on business AND/OR be held liable for any potential fraudulent activity.
All of the equipment we provide at Fattmerchant is already EMV compatible, and comes for free with the STACKS and GRAND plan. Make the switch before you get stuck – we’ll make sure the transition is seamless.