Don't Be Left Behind Your Competition: 3 Steps To Prepare For EMV

What you need now to prepare for EMV

You’ve heard of EMV. You’ve read the news, and still have questions about what to do now. Navigating the upcoming EMV requirements can be complex and confusing. Here are the basics.

EMV (Europay, Mastercard and Visa) is also known as Smartcard and Chip and Pin. EMV enabled cards have a chip that stores cardholder data. The smartcard data is read at the point of sale swipe. Card information is located on the chip instead of the magnetic strip. Merchants can choose whether signature or PIN number verification is required to complete the transaction. A merchant may also choose not to have any verification and accept a payment.

How does an EMV chip card protect me? EMV protects you against accepting a payment with a counterfeit, lost or stolen card. The chip on the card uses coded data entered by the card issuer specific to the cardholder. The data on the chip is dynamic and is useless if the chip is stolen. Since the transaction is more secure, the likelihood of chargeback due to fraudulent card use is low.

Please log in or register below to read the full article.