EMV & NFC Switchover
1.What is EMV?
U.S Banks are switching up the inside of your customer's credit card. They are adding something called EMV Technology which stands for Europay, Mastercard, and VISA"
Translation: All credit cards will soon be equipped with a super-small computer chip that is extremely hard to counterfeit. If you have received a new card recently, chances are it has this technology.
2. Why The Changeover?
Almost half of the world's credit card fraud happens in the United States -- even though only a quarter of all credit card transactions happen here. The banks want to rein this ASAP by moving away from the magnetic-stripe cards, which are much easier to counterfeit. So how exactly will this effect your business: for starters, you will need a processing device to read the information in the chip cards. Come October 2015, businesses that do not have an EMV processing device could be held accountable for fraudulent chip card transactions.
Will Migrating My Business To EMV Cost Me An Arm And A Leg?
Heritage Payment Solutions is committed to providing you with quality EMV equipment that is incredibly affordable and easy to use. You can speak to your local sales representative about current equipment promotions.
For Additional Information, Please Contact: 877-590-4629 ext. 107
3. NFC - More Secure Payments
Every Time you hand over your credit or debit card to pay, your card number and identity are visible. With Near Field Communication (NFC), such as Google Wallet and Apple Pay services instead of using your actual credit and debit card numbers when you add your card, a unique "Device Account Number" is assigned, encrypted, and securely stored in the "Secure Element", a dedicated chip in modern celluar technology such as smart phones and smart watches. The numbers are never stored on the NFC device manufacturer's servers. When you make a purchase, the Device Account Number alongside a transaction-specific dynamic security code is used to process your payment. So your actual credit or debit card numbers are never shared by the NFC companies, with merchants, or transmitted with your payment.