EMV® (“Chip”) Processing is Now Available!
So NOW is a Great Time for a Primer on EMV Technology
By now, you are surely aware of EMV technology (also known as the embedded chip) used globally in place of a magnetic stripe on credit cards. Now the option to process EMV transactions is your decision. This is a good opportunity to remind you of some of the basic information related to this new credit card security standard and what it means to your business.
The Benefits of the
EMV is a fraud-reducing technology to help protect you and your customers against losses from the use of counterfeit, lost or stolen credit cards at the point-of-sale. It enables safer and smarter transactions across contact as well as contactless channels utilizing an embedded microprocessor (also called a ‘smart chip’) which interacts with the POS device, ensuring the
card is valid and belongs to the user.
The So-Called EMV “Liability Shift”
EMV isn’t a law, nor is it mandatory. However, the industry enacted a liability shift that occurred in 2015 that means this: if fraud occurs, the party in the payments chain which did not implement the new chip-based fraud prevention technology can be liable for losses related to that fraud.
So What’s My Best Approach?
You can always choose not to accept EMV transactions, but you assume the risks associated with that decision. As your payments provider, our advice is always to take advantage of the most secure payments environment possible.
What Are the Next Steps?
Simply contact OpenEdge using the information below. Along with the ability to process EMV, NFC, Apple Pay™ and Android Pay™ transactions, you’ll also enjoy the benefits of OpenEdge’s EdgeShield security bundle. EdgeShield goes beyond EMV to include additional security features including advanced data encryption and tokenization as well as PCI ASSURE®, OpenEdge’s comprehensive PCI compliance assistance program.
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