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Update: Retail Plus and Global Payment Systems have teamed up to offer retailers bonus value when upgrading to integrated EMV card processing. Reduce liability and costs, increase speed and convenience. Call 888-272-4874 for details.
It seems every week there is a story in the news about shops getting hit by credit card fraud. Both small and large retailers are being targeted by well-organized criminals using ever more sophisticated schemes. But there is a way to protect yourself from liability, and it’d called EMV.
What are EMV chip cards?
These are credit cards that contain an embedded microchip making the cards difficult and expensive to counterfeit.
Why is EMV necessary?
Credit card fraud is drastically reduced after converting to EMV transactions.
What if I don’t have EMV card processing in my store?
Visa, Mastercard, American Express and Discover have changed the fraud liability provisions in your merchant agreement. It means that if you do not have a point of sale system capable of using EMV chips you can be held responsible for any credit card fraud involving your business.
Are all EMV card services totally secure?
No. EMV chips can stop counterfeit cards but not stolen card data. To be totally secure the point of sale system and the card service provider must both support end-to-end encryption and tokenization. Encryption means the card data is scrambled at the terminal before transmission to the payment server. Tokenization means card information is never stored on your point of sale system. Instead, it uses a reference number supplied (and only understood) by the payment server.
The bottom line?
If you are still processing credit cards using only the magnetic stripe instead of the card’s “chip & PIN” then it is in your interest to get set up with EMV, end-to-end encryption and tokenization as soon as possible. We can help you get set up with a number of different merchant card services.
Call us toll-free for more information
888-272-4874
