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 stripe 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 stripe, 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, PIN, 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 card. They can be read via an NFC terminal, meaning that you can touch the card to the terminal to complete your transaction.
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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