Preparing for EMV
Europay, MasterCard and Visa is traditionally referred to as Chip and PIN implementations in Europe and around the world. This system requires consumers to enter PINs with every transaction, but that may change when it comes to the U.S. in October 2015 because of the payment infrastructure and consumer expectations.
As with mag-stripe and contactless payments, EMV can support multiple cardholder verification methods, including signatures and PINs. These are set by the card issuer and can vary based on the size of the transaction.
With EMV, the following verification methods will be available:
-  Online PIN: This is consistent with current debit transactions; a consumer enters a PIN that’s then validated by the issuer. With EMV, this will also apply to credit transactions, so consumers and businesses may need to be trained on the change.
-  Offline PIN: Once again this could be for credit or debit transactions with the code being entered on a PIN pad, but the PIN isn’t sent as part of the transaction. Instead, it’s matched locally to a value stored on the chip.
-  Signature: The current process would stay the same, with consumers signing receipts or signature capture devices.
-  No Verification: This is also the same as the current process for mag-stripes. Certain low-risk merchant verticals and low-value transactions don’t require any verification
As the U.S. approaches the October 2015 deadline for the liability shift, it’s important that businesses understand the complexities and form factors involved with EMV. This is the first step towards effective implementation, and ultimately reducing fraud at the point of purchase.
How Can I Prepare My Business for EMV Technology Payment Processing?
Though it may take some time to familiarize yourself with the process, these 4 tips will help you with making the transition:
-  Start learning and training your staff on the product.Though you may not be ready to make the change immediately, early instruction and education on the system and how it operates will make conversion much easier.
-  Do not procrastinate. Make your move soon.It is definitely beneficial to be on the pole position with the EMV transition. Don’t wait until customers begin grilling you as to why you haven’t changed. Get out ahead of this thing before the need to convert feels ominous.
-  Create a plan.Consider cost, weigh your options, and continue research. Know what you are dealing with and how it could affect your expenses, revenues, and time management.
-  Consult with your merchant process provider. These companies are at the forefront of the EMV wave and have access to the latest updates in technology, procedures, hardware, and procurement options. Maintain a clear line of communication with them and they will make your transition to EMV processing easier and more efficient.
The Future is Here
The United States is among the last of developed countries to convert to EMV processing technology. In today’s fast-paced business market, this is the ground floor of a major change and improvement in battling credit card fraud. While the transition may seem costly and tumultuous, it will prove to be safer, less expensive, and easy to manage in the long run. Learn the product, create a plan, and keep constant communication with your process provider to prepare for the conversion.