EMV Chip Cards Are Still Important
EMV cards may be old-fashioned technology, yet they remain essential in terms of payment security. If you operate a business which supports payments made using credit card in person, then getting to know more about EMV technology will definitely minimize risks of frauds.
The EMV card is a credit or a debit card which has a chip on its surface. In addition to the magnetic stripe, the chip is used to generate a unique code every time a card is used.
Why Chip Cards Help Reduce Fraud
Before chip cards were ubiquitous, many transactions that were made by card in person relied on the magnetic strip present on the back of the card. The data stored in the magnetic strip is static and thus may be easily reproduced.
However, with chip cards, an extra level of security is provided since every transaction involves the creation of a unique code. Thus, even if stolen, such transactional data will not benefit fraudsters in any way.
What Merchants Should Know About Liability
It is important that businesses ensure their terminals are EMV-compatible and utilize them accordingly. In case a merchant does not accept chip cards when presented with chip cards, then the liability of some cases of fraud falls upon the merchant, not the card issuer.
This is the reason why it is crucial that businesses train their staff members to insert/tap chip cards when available and not swipe the magnetic stripe.
Contactless Payments Use Similar Security
Contactless payment functionality is also offered by many EMV cards. If the cardholder taps the card on a terminal, the secure technology will still be used to process the payment.
Tapping the card is very convenient for consumers, whereas processing transactions via chip and contactless methods can help merchants process payments quickly and securely.
Modern Terminals Make EMV Simple
The EMV technology itself is no longer difficult for most merchants. Newer payment terminals can easily process transactions through chip cards, tap-and-go cards, and mobile wallets such as Apple Pay and Google Pay.
For instance, if you currently use a payment terminal which depends a lot on swipe card payments, you might need to get something that’s newer. Using an updated payment processing system will not only enhance the security of your transaction process but will also provide a more pleasant experience for your customers.
Using EMV chip cards is still important in payment processing securely.
