EMV – Three little letters – One Big Benefit

Whether you’re a business owner or a consumer, big changes in payment processing are coming your way. While EMV may be a small acronym (Europay, MasteCard, Visa), the rewards are huge and endless.

E-M-V, while not as easy as A-B-C, is not as complicated as some may think.

EMV, also referred to as chip-and-PIN, chip-and-signature and chip-and-choice, is a technology designed to help combat fraud and protect confidential customer data.  The new EMV cards are embedded with a microprocessor chip that stores and protects cardholder data, providing an additional level of security.

There are a lot of questions that surround the implementation of EMV cards and at Chosen Payments, we are here to answer any that you may have.  Below are the ABCs of what you need to know about the new chip-standard initiative.

A. Change is good business. Current magnetic stripe cards can be easily copied with inexpensive card reading devices. EMV technology reduces the risk associated with magnetic strip credit card use, protecting both the cardholder and the merchant. 

B. The EMV cryptogram makes sure the only party that is supposed to receive confidential information – such as a bank – has the key to decode it. Using tokenization, the EMV process swaps sensitive account data with gibberish after a transaction is complete. A key or token is worthless to a thief.

C. To take full advantage of secure EMV technology, you will need to make a one-time investment in new EMV-capable hardware. These EMV-capable devices will also accept Near Field Communication (NFC) payments, such as ApplePay and Google Wallet. Your Chosen Payment representative can help explain your options and will see to it that your transition is as seamless and hassle-free as possible.

D. You WILL still be able to accept traditional credit and debit cards.

E. Issuers need to produce new cards and communicate the benefits to cardholders. Merchants simply need to update to an aforementioned EMV-enabled Point of Sale (POS) system.

The most important thing to do as a merchant is to trust your POS.  This is where the user is prompted through a safe and successful transaction.  Here’s how it works:

A. Consumer inserts the EMV-enabled payment card.

B. Cardholder enters the PIN, if prompted.

C. The chip and terminal determine the transaction type and generate the cryptogram to protect sensitive data.

D. The transaction is either approved or not by the card issuer.  A successful transaction prompt the customer to remove the card.

The biggest benefit to EMV payment processing is the amount of security that is embedded in the process – to protect issuers, merchants and consumers alike.  Criminals are getting smarter, but so is the payment processing industry.  We are happy to help you navigate the changes because we want our customers and yours to have peace of mind when it comes to fraud protection.

To see a full list of our services, visit:  www.chosenpayments.com.  If you have questions about the services we provide or you have a topic you would like to see covered in my blog, feel free to reach out!

Zach Allen Regional Vice President at Chosen Payments
Credit Card Processing | ACH | Gift/ Loyalty Cards | Mobile & Ecommerce Payments | ATM
Toll Free: 1.855.424.6736 x. 116
zach.allen@chosenpayments.com  |  www.ChosenPayments.com 
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