12 May How Do EMV Standards Affect Payment Processing at Your Business?
EMV is a standard that every business making transactions adopts to ensure secure debit and credit card transactions when using Chip & Pin terminals.
What is EMV?
EMV (Europay, MasterCard, and Visa) is the standard that allows Chip and PIN cards to operate at Chip-enabled payment terminals and ATMs. EMVCo, LLC is an organization that manages, maintains and improves EMV integrated Chip & PIN specification standards.
EMVCo aims to:
1. Ensure the compatibility and acceptance of Chip & PIN cards world-wide.
2. Create an internationally recognized Chip-based payment processing standard.
3. Test processes that evaluate compliance with EMV standards to certify businesses.
How do EMV standards affect my business?
The introduction of EMV security standards affect all merchants that accept payment cards.
EMV standards give customers peace of mind.
Customer information is encrypted, improving transaction security between Chip cards and Chip-reading terminals.
EMV standards can save merchants money.
With the improved security of transactions, businesses following EMV standards can be offered reduced payment processing fees.
EMV standards reduce merchant liability.
Businesses won’t be held responsible for fraudulent activity on lost or stolen Chip cards. As for merchants without EMV compliant devices, they are fully liable for the cost of credit card fraud occurring at their business due to the lack of security.
EMV standards allow merchants to efficiently process international Chip & PIN payment cards securely.
What is the difference between EMV and PCI DSS?
2.PCI DSS focuses on the security of customer’s data. This includes the data that is stored and transferred between merchants, payment processors or data storage companies.
If you have questions about upgrading your devices to EMV- and PCI DSS-compliant systems, contact Kubera today.