Credit Card Processing EMV in 60 seconds

The nationwide shift to EMV-enabled cards, also known as chip or smart cards, has reduced the chances you’ll receive a counterfeit payment at your place of business. 

What are the basics? The liability shift imposed by the card brands went into effect October 15th, 2015. EMV—which stands for Europay, MasterCard and Visa—is a global payment standard that provides a consistent cardholder experience worldwide. The majority of developed countries in the world have employed EMV for many years, with the U.S. being the last to make the transition. 

How does it work? EMV-enabled cards contain a computer chip that is activated and read when inserted in the card reader or tapped for contactless acceptance. The chip generates a unique security code for each transaction, making it more difficult—and more expensive—for cybercriminals to duplicate cards. 

It’s more secure. The chip and terminal create dynamic information that is sent to the card issuer. This information allows the issuer to validate that the card is genuine, decreasing counterfeit fraud. 

What does this mean for my business? The way you accept cards is changing, which may mean upgrading technology in order to accept EMV cards. 

Is EMV acceptance a law that I have to comply with? While EMV is not a law or mandated by the card brands, it is a good idea to consider avoiding costly counterfeit, lost and stolen card chargebacks and potential loss of business due to consumer payment preferences. 

Why spend money on upgrading if it’s not mandatory? As a result of the liability shift, responsibility for potential fraudulent charges falls to the party using the least secure card acceptance technology. If an EMV-ready terminal is not installed, this means that the liability could shift to you and your business. By swiping a card through a non-EMV-compatible terminal, you could be facing losses due to chargebacks associated with the fraudulent charge. Heartland can get you EMV-compliant with terminals and PIN pads that support magnetic stripe and EMV cards. And we’re here to answer any questions you may have about the costs associated with the shift to EMV. 

Our experts can help you: 

• Understand how EMV applies to you.
• Assess your current terminal for EMV readiness.
• Understand the liability shift and the potential impact on your business.

Heartland Payment Systems offers member-only rates on COA-endorsed merchant card processing and payroll services. By using Heartland, you will be able to save money, save time, increase profits and simplify your business operations. Begin saving now by contacting Bill Wetmore of Heartland at 866-976-7101 or Bill.Wetmore@e-hps.com.