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EMV Terminal Upgrade Means Chargeback Protection.
Let The Credit Card Companies Take The Risk For You By Using an EMV terminal At Your Business Today.
What are EMV Terminals?
Do I need an EMV Terminal for my business?
The short answer is - yes. Having EMV card payment terminals in your business is an easy way to reduce your risk of credit card fraud by utilizing secure chip and pin EMV technology.
What is the EMV meaning? EMV is an acronym for Europay, MasterCard and Visa. EMV credit card terminals are used to support a joint global standard for acceptance of chip-cards and smart cards, chip payment applications and devices plus chip payment gateway procedures.
What is an EMV card? It’s a credit card with a specialized microchip that is used to reduce fraud. With more and more cards containing a secure chip, it is vital that your business is able to accept EMV credit cards by offering EMV payment processing. Ever-improving card technologies demand a change in how the payment is accepted and a shift to EMV compliant terminals.
Cardholders and merchants may be familiar with chip and pin, another term for EMV. EMV is transaction and payment processing using the highly secure card chips embedded in the payment card versus the magnetic stripe. A card with EMV capabilities employs two technologies, first as credit card readers and second to read and process the chip transaction, contact and contactless, NFC (near field communication).
Why Use an EMV Terminal?
By employing an EMV terminal, your business and your business associates can reduce losses to counterfeit fraud and, thus, improve your business and business credit. Lower fraud losses aid in controlling the cost of doing business for all the stakeholders, including merchants. Merchants benefit from fewer charge-backs by using terminals as a payment processor that process chip transactions. The merchant is not financially liable for the cost of specific fraud transactions when cashiers follow terminal displayed directions on the payment system. Cashiers must also follow the business’s routine security practices.
The EMV liability shift means that if someone attempts to pay with a non-EMV card, and the card is fraudulent and it goes through, the fraud liability shifts to the merchant and the merchant account. This is definitely something to be aware of for those that are interested in exploring EMV processing. The goal is to reduce fraud, credit card fraud in particular, and reduce counterfeit cards, through EMV chips and EMV technology. The goal of the EMV liability shift is to reduce fraudulent transactions through more EMV transactions.
Some EMV cards even require cardholder verification, like chip and signature cards, in addition to entering the user’s pin on the pin pad, to provide further safety to the cardholder and as a form of data authentication. These verifications can help ease the process of risk management.
Mastercard and Visa even went on to create 3D secure which aims to protect online payment made on their virtual terminal on online transactions. It is a protocol designed to protect online and mobile payments made with Mastercard and Visa cards and tries to reduce the risk of fraud and stolen cards.
Choosing card processing terminals that will accept EMV chip cards will reduce the potential for errors and losses because they stop reconciling paper. Transaction records for chip card payments are completely electronic. Chip transactions speed customers through check out since it does not rely on sales associates to make difficult judgments about signature accuracy. Sales associates simply follow terminal prompts on the credit card machine.
American Express, Discover, MasterCard and Visa have adopted chip card for the last remaining market, the United States, by October 1, 2015. Because of the mag strip technology investment by US merchants, the card associations specify interoperability into some future time. Interoperability is the acceptance of credit and debit cards with a chip and magnetic stripe.
The card issuers – banks, credit unions and others, are issuing chip cards now in cards like Visas and Mastercards. Foreign travelers on vacation or business in the United States bring chip cards from Europe and Asia and other regions. Many of these cards have NO magnetic stripe. There are multiple types of EMV Terminals but the three types we support at Shift processing include the VX520, Ingenico ICT 220 and the Pax 80.
With contact EMV device, the cardholder inserts the card into the chip reader. EMV terminals with contact chip card readers enable the embedded microchip to send the card data to the POS system, replacing the magnetic strip. Most banks and financial institutions will still issue cards with a chip and magnetic strip for cardholder use where merchants have not updated to EMV standards. Magstripe cards will be phased out in the next few years.
Contactless EMV, similar to NFC contactless payment, is when a cardholder waves the card, as seen with Apple Pay and Samsung Pay payments, within 3″ to 4″ of the EMV card reader and its antenna as noted on the terminals or EMV readers. Chip card transactions process after cardholders remove the chip card or the contactless cards from the contactless field.
Contactless EMV is often confused with a wireless card processing terminal, and while contactless EMV can be a wireless terminal, they are not exclusive to each other.
We have your EMV Terminals!
Let Shift Processing help you make sure your business is covered when your next chargeback comes around.
Want a new terminal that accepts EMV? The new Ingenico iCT220 terminal is an EMV credit card reader that it EMV level 1, level 2 and PCI PED 2.0 certified. A built in 32-bit RISC crypto-processor provides a scalable and high-performance platform to support reinforced security applications, all without significant impact on transaction speed or reliability. The ICT220 was designed to ensure a higher level of transactions without failure or error. You’ll love the design and ergonomics of this terminal. The high contrast displays on the Ingenico ICT220 allows you as the merchant to display your logo or branding with each use of the terminal. You can easily connect this terminal with a modem, ethernet or USB to provide unparallelled connectivity. POS terminals like the ICT220 allow for connectivity no matter where you are - in the office, on the go or on the sales floor.
The Pax S80 is certified to PCI 2.x and hosts an incredible amount of connectivity options. The CPU is a 32‐Bit ARM9 processor with a large amount of memory already on board. The built in high‐speed thermal printer allows for quick printing of each transaction without worry about the machine getting too hot or shutting down. The Pax S80 is an ideal payment device for use in all kinds of business environments. It can commonly be found in banking and large retail, hospitality and food service, and convenience stores. The S80 designed the interface in an ATM‐style that’s already familiar to many consumers. 1 or 2 SIM slots can be found in the GPRS version of the terminal.
The Verifone VX 520 is a countertop processing terminal that’s made to last with a rugged exterior. Credit card processing is accomplished with a powerful processor and expandable memory to keep each transaction fast. Not only is it a chip and pin terminal, it also has integrated NFC capabilities (Near-field) supports endless payment options on the VX520. Gift cards and loyalty cards are also made easy on the Verifone VX520, so you won’t need anything else to enable all of your business payment solutions.
A dial up modem and dial plus ethernet are both connection options for the VX520, so this terminal is built to move with you. One of the things we love the most about this terminal is that the connection ports are located on the bottom of the terminal, keeping cord clutter out of the way and countertops clean.
If you are considering a switch to EMV chip card terminal, review these key benefits.