The US shifts nationwide to new smart cards – EMV cards or chip cards – and this marks the end of a 40 years era of magnetic stripe cards. The new EMV standard reduces significantly the chances you’ll receive a counterfeit payment. It’s nearly impossible for a fraudster to copy the EMV chip, but it is easy for them to copy the information from the magnetic stripe.
Since October 2015, merchants without an EMV-compatible POS system are responsible for chargebacks and fraudulent card acceptance. It’s important to note this only applies when an EMV card is presented at the POS. If a merchant doesn’t have an EMV terminal, there’s no way to detect if they’re accepting what should be an EMV card. EMV-enabled terminals will signal that the card should be dipped instead of swiped.
How to use EMV to your benefit? Mobile payments and contactless payments are one option. They can speed up the EMV processing time — EMV terminals are NFC and mobile ready, so your customer’s card data is more secure.
And remember that smart criminals avoid businesses with upgraded equipment.
What do you need to know about secure payments? Just take your time and find out more from Erply’s overview.