Preparing for EMV

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:

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:

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.