Protect Against Fraud with Innovative Technology from EMV Chip Reading Terminals
There are several credit card companies behind the EMV chip cards and readers started by Europay, MasterCard, and Visa. According to the experts, this new technology is safer than using traditional magnetic strips, for both consumers and businesses.
With this technology, the old magnetic strip on cards is being replaced with the new lock symbol on a metallic square. Chip-enabled credit cards and the terminals that read them are helping to protect consumers from counterfeit fraud. When you fully understand this improved technology, it can help you better embrace this positive change.
Unique Features of EMV Chip Cards and Terminals
Each EMV equipped card features a secure microprocessor chip that ensures payments are made safely and information is stored securely. This type of smart, embedded feature helps to deliver powerful transaction security, which exceeds what traditional credit cards have to offer.
Instead of requiring the conventional swiping action, users of credit cards with smart chips insert the card into the EMV terminal receptacle slots. The card has to remain in the readers for a few seconds while the readers and chips communicate. When complete, an audible signal lets shoppers know it is time to remove the card. At this point, they either sign their name or enter a PIN.
Benefits offered by EMV Enabled Cards and Readers
While only 25 percent of global credit card purchases occur in the U.S., it is still the nation that experiences more than half of all cases of fraud. The biggest advantage of EMV cards and readers is that they help to reduce illicit practices by way of lost, stolen or faked cards. In addition to safeguarding customers, the use of the chip helps business owners avoid being liable for falsified transactions, which can help save a business’s bottom line.
Purchasing and Setting Up Your Terminal
There are still quite a few business’s that haven’t adopted this new, safer technology. They are putting their customers and their business at risk of adverse consequences due to not having this type of protection in place.
These terminals are ideal for any business, regardless of if they only see 10 customers a day or 1,000. Installing the EMV terminal and reader is similar to traditional card readers and the paper used is similar in price and quality to traditional terminals. This makes it a smart change that isn’t going to cost additional money down the road.
Protecting Your Business and Your Customers
Cards featuring the EMV chip are able to store charge details much more securely than the magnetic stripes. It is fundamentally impossible to replicate a card that features an EMV chip, which means that completing a transaction with this type of card is not possible. Additional security features include:
Protection from bogus usage.
Verifications to confirm the right people have the cards.
Authorizations based on issuer specified rules.
Consumers and businesses should both be ready and more than willing to adopt and use this new technology. It offers the peace of mind buyers want and need, while still provided ease of use and the ability to purchase new supplies, such as printer paper for an affordable price.