October 1st was the official debut of EMV cards!
As many of you already know, if you have read our previous posts on the topic, EMV technology is the up-and-coming thing when it comes to payment solutions. In honor of the special “birthday” for EMV cards, we’ll give a recap and mention some important points you may have forgotten.
EMV means “Europay, Mastercard, Visa—these are the head honchos behind this new technology. What these cards do is keep your money more secure, through a tiny chip embedded inside. The chip creates new codes every single time you make a transaction. That’s a far cry from the old, magnetic stripe!
So, this sounds great, doesn’t it? What could be better than more credit card security?
Well, it is important for you, as a merchant. If you are a retailer and you don’t include options for receiving EMV cards as payment, you make yourself liable to incurring the costs of credit card fraud on a magnetic stripe card. In other words, if a customer can’t use EMV at your establishment, and his or her card’s information is stolen, you are held financially responsible!
The cool thing about EMV cards is that the stripe is still on them, so they can be used at non-EMV compatible businesses. Even though October 1st was considered the big day for EMV technology, it’s understood that the transition will be a gradual process, and many merchants will feel uncomfortable adjusting right away. But this is the future!
You would be doing yourself a great service by obtaining EMV payment processing equipment.