emv-wide

EMV IS COMING

OCTOBER 1ST, 2015

IS YOUR BUSINESS READY?

What is EMV?

EMV Is Coming To You Mid October!

Representing Europay, MasterCard and Visa, EMV technology is a worldwide standard for payment processing with POS systems through both credit and debit cards. Although America was one of the last nations to transfer to an EMV payment infrastructure, Visa, American Express, MasterCard and Discover have all jumped on board.

A cardholder’s information used to be stored on a magnetic strip located on the backside of the card. With EMV’s latest technology, information about a cardholder is kept in an electronic chip that has been embedded on the face of the card containing microprocessors.

These processors provide powerful security features enabling safer and smarter credit card processing solutions. Debit and credit card fraud is more prevalent than ever in today’s world, with EMV’s advanced chip technology card fraud is dramatically reduced. Utilizing EMV technology also offers other application possibilities that are not attainable with magnetic strip cards.

Accepting EMV chip cards Advantages:

  • Decrease in counterfeit card fraud

  • Boosts security

  • Enables global security for cardholders

  • Revenue increase through international EMV acceptance

  • Prevent liability shifts

  • Avoid the rush of conversion and prepare early

Foreign bank cards are already equipped with EMV technology. The capability to accept EMV payment in the U.S. may mean the variance between rates for card swipes and hand-keyed transaction amounts. The receiving of international cards can result in potential increased revenue leading merchants to the possibility of saving funds through the impending liability shift.

What is the liability shift and how does it impact your business?

Starting mid October, Visa, American Express, MasterCard and Discover have approved a liability shift; implementing financial liability to parties preventing the use of contact chip transactions that enable a decrease in counterfeit card fraud. A merchant must have credit card processing equipment supporting the technology of the EMV chip during the time of fraud in order to not be held financially responsible.

Migrate your Terminal Today.

Across the globe issuers are inserting the EMV technology in bank cards, and vendors are moving to EMV-compliant and certified terminals to increase security, resulting in decreased fraud from counterfeit, as well as lost and stolen cards.

Offering the latest credit card processing equipment currently available, Regulated Payment Systems makes it available for merchants to easily improve their equipment to EMV compatibility. Merchants’ terminals that are utilizing Regulated are EMV certified, ensuring acceptance of credit and debit chip cards at the time of sale.

Get a Certified EMV Terminal

New guidelines and added security from the EMV terminal combine dependability and performance in a light compact device, allowing vendors to accept secure transactions through a future-proof chip.

Learn More About FD130


 

Get EMV Chip Ready Today.

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EMV by the Numbers

Are you ready for EMV being required in the United States? It’s not surprising we’re getting it, most of the world is already using EMV chip card technology.
World's Payment Terminals that are EMV 75%
World's Payment Cards that are EMV 45%
Average Drop in Fraud Over 5 Years 65%
Global EMV Adoption Rate Average 72%

What does EMV stand for?

Standing for Europay, MasterCard and Visa, EMV is a global standard for inter-operation (IC cards) of integrated circuit cards (chip cards), capable point of sale (POS) terminals and automated teller machines (ATMs) for authenticating credit and debit card transactions.

Why EMV?

EMV chip card transactions enhance security against fraud compared to magnetic strip card transactions that rely on the cardholder’s signature and visual inspection such as a hologram. The PIN number and cryptographic algorithms, known as Triple-DES, RSA and SHA, provide authentication of the card to the processing terminal and the card issuer’s host system. Processing time is similar to online transactions in which communications delay accounts for the majority of the time while cryptographic operations take relatively less time.

Will I get in trouble if I don't switch?

Yes. Visa, Mastercard, and many other payment processors are taking the change critically. Credit card processing terminals without EMV POS technology will place liability for fraudulent charges on the merchant.