EMV credit cards use an electronic chip that is built inside them. EMV provides superior security features for credit card processing and credit card merchant services. EMV uses advanced cryptography and digitally-signed payment data which makes the transactions secure.
Advantages of EMV go beyond Better Security Aspects
While EMV is mostly known for the advanced security features it provides, the benefits to the business community, specifically merchant account providers, and consumers, go beyond that. Businesses such as ATMs and fuel stations, , point-of-sale (POS) developers can significantly benefit from the EMV technology.
A Look at the Advantages of EMV Technology
Network Stability is no more an Issue
Network stability is important for carrying out credit card processing activities. In case of network unavailability or other network issues, processing can get delayed. A system which supports the authorization process locally to the device and card is essential to provide the customers a trouble-free transaction process.
Ensuring merchant credit card processing services regardless of network availability is supported by EMV technology. Unlike online authentication, offline modes can accept and hold authorization information and resume processing when network stability returns.
Offline methods such as backup method and store and forward can be used for credit card processing. Dual mode terminals have a backup method which holds the authorization data until the network is restored.
Other Advantages of EMV for Merchants
Other than the aforementioned advantages, merchants can benefit from a number of ways. Here is a list of other benefits of EMV:
• The quick-serve restaurant (QSR) marketplace can significantly increase the speed of sale and ensure transaction authorizing
• Backup methods provide protection of data during network availability fluctuations. They provide a reliable back up of all data
• A major advantage of this technology is that it provides useful alternatives for connectivity issues for events being held in remote locations. The EMV technology can provide intermittent connectivity for merchants selling products in a convention center, for instance. The technology is also a solution for dealing with high-bandwidth or surge usage scenarios
• It provides small merchant account providers with the liberty to overcome the cost of connectivity for interim usage
• The EMV technology is ubiquitous and can also be used while travelling, etc
Advantages to Customers
The EMV technology also provides the customers with better credit card processing services. They get the liberty to enter personal validation, regardless of the availability of the network. The customers enter the PIN, which is then verified locally directly through the device.
This assures the customer of the safety and security of the credit card processing services. In addition to that, it also gives merchant services providers the assurance that all transactions are verified by the cardholder themselves, and are devoid of any fraud. Furthermore, the card issuer is allowed to set some fraud and usage protections within the chip on the card, providing a second layer of risk protection for the merchant. Secure merchant and credit card services are ensured by EMV technology.