If you haven’t experienced the pains of fraudulent EMV chargeback’s yet you may in the near future.
So what is EMV? EMV technology is based on specifications developed to ensure worldwide acceptance of secure payments by an organization called EMVCo, a group of leading companies in the payments industry including American Express, Discover, JCB, MasterCard, UnionPay, and Visa and supported by dozens of other companies in the industry. EMV has become the global standard for authenticating credit and debit cards using an embedded chip. The chip in the card encrypts the customer’s bank information, changing it with each transaction, as opposed to the magnetic strip on traditional cards which contains fixed data. If the data from an EMV transaction is stolen, it is useless as it was only good for one purchase. If the data on a magnetic strip is stolen, it can be used over and over until the theft is reported and the data blocked. (It is important to note that while EMV protects against card present fraud, it alone does not protect against card non-present fraud.)
The benefits of upgrading to EMV
So, should a small business like yours upgrade your POS system to accept EMV transactions? While there is no law that mandates EMV adoption it will protect you from fraud and pave the way for accepting contact less payments such as Apple Pay and Android Pay.
Fortunately these upgrades have become painless
Apex Solution’s can currently perform these upgrades for low-cost or even in some circumstances no-cost.
Contact Apex Solutions today to find out more