Fraud losses totaled $5.2 billion in the US or 7% of transactions according to a CNBC article from July 2015. There is a proven way to help stop most retail fraud in credit card processing. The solution to eliminate most of the retail fraud is EMV. EMV stands for Euro, Mastercard, Visa. The organization includes all major card brands, today, and it is called EMVCO.
EMV credit card terminal
What is EMV?
Emv is a chip in credit cards. The chip, instead of the magnetic strip on the back of cards, is used to communicate with the host to generate authorizations for sales. The chip uses dynamic numbers to communicate with the expecting host. If the dynamic number is different than the host expects, the transaction is declined. It is a much more secure way to process transactions verses the magnetic stripe.
How does it help business owners? Retail businesses be aware, the liability shift for EMV is October 1st, 2015. Generally speaking, if the business has an EMV credit card terminal enabled to accept chip cards: they have zero liability for in person or face to face transactions for reasons including, fraud, lost, stolen, non-activated.
Reasons for upgrading to EMV:
- Liability switch, 10/1/15- SAVE on Fraud
- More secure transactions
- Additional forms of payments may be accepted, such as NFC (Apple Pay)
- Reduction of PCI compliance requirements
The rush has been on to upgrade to EMV. With the liability switch deadline October 1st, 2015, we have been extremely busy helping businesses understand their options. Our excellent rates save you more money with our exclusive RATE LOCK. Your processing equipment is protected through the Infinite Warranty.
Stillwater Payments has been working with EMV terminals since January 2013. Put our EMV expertise to work for your business and get peace of mind for your payment processing. Give us a call today, 877.651.1655
