As companies move towards digital transactions, payment security has never been more important. The good news is that businesses can rely on secure payment software like EMV to transform how they process transactions.

At US Card Solutions, we help you provide a secure and reliable payment experience for your customers while keeping your business safe from online fraudsters.

As experts in online Merchant Service Providers, we want to help you explore the world of EMV payments, how they operate, and the advantages they can bring to your business.

What Does EMV Mean?

If you have ever purchased something by inserting rather than swiping your credit or debit card, you’re already familiar with how EMV chip cards work. EMV is an abbreviation of Europay, Mastercard, and Visa. The three credit card companies joined efforts to develop this chip technology in 1994.

Merchants and cardholders may know chip and pin, another name for EMV.

This technology and payment system is built to prevent fraud using embedded computer chips on credit or debit cards. EMV technology is managed by EMVCo, a consortium of members from big credit card companies such as UnionPay, Visa, American Express, Mastercard, Discover, and JCB.

EMV chips are the international standard for verifying credit and debit cards.

Chip cards are very hard to clone and come with additional layers of security, such as tokenization, encryption, and other authentication methods. They offer more protection against online fraudulent activities than their traditional magnetic stripe counterparts.

How Does an EMV Terminal Work?

The process is quite straightforward. When purchasing, customers insert their card into the merchant’s point of sale terminal or slightly wave it over the terminal to allow the machine to read the microchip. Consequently, the POS terminal prompts customers to input their PIN to authenticate and complete the transaction.

Does Every Business Need an EMV Terminal?

No, it is mostly in-person business. There is no law that expects businesses to be EMV-compliant. It is up to business owners to decide whether EMV technology will work for them.

That said, there is a financial advantage to adopting EMV systems for businesses.

If a fraudulent transaction happens in a company that embraces EMV technology, the liability of the loss is unlikely to fall on the business.

With numerous EMV terminals on the market, you should conduct extensive research to find one that meets your business needs, is affordable, is compatible with your existing systems, and is easy to use for customers and employees.

Benefits of EMV Terminals

Here are the top benefits of EMV terminals for businesses:

• Improved security. The biggest selling point of having EMV-certified systems is that they provide higher transactional security to all parties involved.
• Improved customer experience. Businesses with EMV terminals offer customers a better experience by providing a safer way to pay for goods and services without worrying about unauthorized third parties stealing their information.
• Avoiding liability cost. Failing to include EMV-enabled systems in your business can make you legally liable for specific types of fraudulent transactions. To prevent such a scenario, EMV terminals provide liability-shift protection.
• Protecting your business image. If your customers lose their personal information while transacting at your business, they will feel you do not value safeguarding your client’s information. This may leave a dent in your reputation.

Are EMV Rates Cheaper?

EMV transactions are card-present transactions, meaning the customers will always display their cards at the point of sale. Card-present transactions often carry less risk than card-not-present transactions. The lower interchange rates make EMV transactions less expensive for the merchant.

EMV Terminals Best Practices

To make maximum use of your EMV terminal and guarantee all parties involved a seamless experience, carry out the following best practices:

• Create awareness among your customers on the advantages of chip cards when possible.
• Train your staff on effectively using the terminal and guiding clients through the payment process.
• Constantly update your terminal’s software.

EMV Terminals for Your Business

As transactions become more digitized, data security is more important than ever. US Card Solutions is one of the country’s most reliable merchant service providers. Browse package options and contact us for more info on how you can get started with integrating EMV-certified terminals in your business today.

IMG Credit: fizkes