EuroPay, MasterCard and Visa, commonly referred to as EMV, is the future of credit and debit card acceptance in the United States. EMV cards are embedded with a “smart chip” that securely stores cardholder data and requires authentication with every transaction. Your customers insert the “chipped” end of the credit card into the smart chip reader found on your EMV ready terminal and the card remains there for the duration of the transaction. This allows the chip to create a unique, one-time use digital signature for that specific transaction, which the terminal is able to read, decipher and encrypt. In turn, this direct communication between the card and terminal greatly minimizes the risk related to fraudulent transactions. Further, the data transmitted by the EMV chip card is constantly changing, making it nearly impossible to replicate.
Near-Field Communication, also referred to as NFC, is the future of contactless payment acceptance. An NFC capable device, such as your smartphone, can securely communicate with an NFC equipped payment terminal to transmit payment data. These products have an embedded micro antenna that enables the point to point communication without ever coming in physical contact with the terminal or reader. With the introduction of mobile wallet applications such as Apple Pay® and Google Wallet®, cardholders can securely store their credit or debit card information on a cloud, virtually eliminating the need to carry a physical card. These mobile wallets require the user to authenticate their identity in order to access stored card information. As a result, the risk of credit card fraud is greatly reduced. Once authenticated, your customer is able to pay by simply “waving” their NFC device near your NFC equipped payment terminal or reader. Thanks to advancements in payment technology and security initiatives, NFC is positioned to be a popular method of payment.
With the launch of EMV technology also comes a shift in liability. Merchants who are not EMV ready by October, 2015, may assume applicable liability when accepting credit cards, which could be very costly. If your business accepts a credit card that was lost, stolen or fraudulently replicated, your business may be financially responsible for all losses. Thus, protect yourself and your business by being ahead of the curve and make sure you have the right equipment to ensure your business’ financial wellbeing.
When it comes to offering the latest payment acceptance solutions, we always keep our merchants and your customers in mind. Our terminals are among the most technologically advanced and reliable units in the credit card processing industry, while still being very easy to use. Designed to meet and exceed the new industry mandates, all of our equipment is EMV and NFC ready, ensuring your business does not incur any unnecessary liability in regard to these new initiatives.
With the introduction of new payment standards and technology comes the difficulty of finding the best overall solution for your business at the right price. CreditCardProcessing.com is YOUR solution! Our highly trained representatives will assist you in finding the best solution for your business while also providing world-class customer support. Additionally, we offer among the most technologically advanced and affordable processing solutions in the industry, which means you can be EMV/NFC ready without breaking the bank. Give us a call today so we can help your business be prepared for the future!