Don't put your business at risk.
EMV-ready credit card processing will be required for all merchants accepting credit cards in the U.S. by October 2015. EMV is a technology standard that uses smart credit cards to provide enhanced security and worldwide compatibility to transactions involving credit cards. The EMV standard was developed by Europay, Mastercard and Visa. A smart credit card contains an embedded microchip that has a memory and microprocessing ability. The consumer’s credit card information is transmitted to an EMV-capable terminal by the microchip.
By contrast, with current credit card technology, consumer information is transmitted by the magnetic strip on the credit card. The difference in data transmission method is that with smart cards, some unique data is transferred during every transaction to provide security to the transaction. The security issue with magnetic strip credit cards is that it is possible to steal the data contained in the magnetic strip and consummate fraudulent transactions.
How Does EMV Credit Card Processing Work?
EMV credit card processing requires the credit card to physically connect to the business’s EMV compliant point of sale (POS) terminal or connect via Near Field Communication (NFC) which allows a maximum distance of a few inches from the terminal. To pay through the Near Field Communication system, the consumer waves the smart credit card in front of the reader of the EMV ready terminal. Paying by physically connecting to the EMV ready terminal simply involves inserting the card into a slot in the terminal and waiting for the reader in the terminal to retrieve needed information.
Intimidated by new technology but afraid of being left behind? CardConnect can help you transition to EMV capable terminals. Rely on our expertise in EMV credit card processing to prepare your business for the future. Contact us to learn more!