A recent article delves into the depths of Europay Mastercard Visa, or as it’s more commonly known – EMV, credit cards and some of the most popular FAQs that people have regarding this new security measure. National Merchants Association would like to add to the 8 FAQs in order to make it even clearer!
1. As a retailer, how much will it cost me to become EMV compliant?
Most terminals aren’t expensive at all. National Merchants Association offers a Verifone VX520 for FREE to their merchants (see more here!) but if you’re willing to pay for them, the terminals won’t break your bank. Compared to the millions that banks have been and will continue spending to upgrade old magnetic stripeA stripe on the back of a credit card that contains magnetically encoded cardholder information. The name of the cardholder is stored on Track I. The account number and expiration data are stored on Track II. cards to chip embedded cards, you’re getting a steal of a deal – to avoid future steals of your deals!
2. I’ve heard that card skimming is the new fraud trends – will these chip cards be affected by skimming devices?
Since card skimming devices take the consumer’s sensitive information straight off the magnetic stripeA stripe on the back of a credit card that contains magnetically encoded cardholder information. The name of the cardholder is stored on Track I. The account number and expiration data are stored on Track II., EMV cards shouldn’t be affected. The great part about the chip card is that the information is sent electronically through tokenization, which is a process that turns private data into cryptic symbols that only the authorized bank and card network can decrypt. Of course, we’d still like to mention that consumers should always protect their card information, PINPersonal Identification Number used by a cardholder to authenticate card ownership for ATM or debit card transactions. The cardholder enters his/her PIN into a PIN pad. The PIN is required to complete an ATM/debit card transaction., and other information that nearby fraudsters may see behind you at the ATM and cash register.
3. I’ve heard about the security measures – but how else will this benefit me as a consumer?
It’s that simple. Most literally! EMV cards are a smart cardA plastic card with an embedded microchip that can be loaded with data and used for telephone calling, electronic cash payments, or other applications.. They can be read via an NFC terminalThe device by which a transaction is transmitted to the acquiring bank., meaning that you can touch the card to the terminalThe device by which a transaction is transmitted to the acquiring bank. to complete your transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.....
In addition, the USA is one of the last countries to implement chip cards, meaning that now you have one of these cards, its easier to make purchases internationally. Everyone else has already implemented this technology worldwide, so you can enjoy the ease of purchasing your products while you’re overseas.
For more on Europay Mastercard Visa (EMV) visit our resources page HERE.
Or, fill out the form below and we’ll answer your question!
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