EMV 101

What is EMV and why do I care?

EMV is a global payment standard that provides a consistent and secure cardholder experience. EMV technology substantially reduces the chances you, the business owner, will receive a counterfeit payment card at your place of business. EMV-enabled cards contain a computer chip that is activated and read when inserted in the card reader or tapped for contactless acceptance. EMV technology is the latest evolution to further secure your customer’s credit card data; making small business payment processing safer.

The EMV technology is a chip embedded in credit and/or debit cards that also have a magnetic strip, and can be used at businesses that support either type of payment card. You may have already seen them, as card issuers have been issuing chip cards to consumers for some time now. Keep in mind, EMV technology only affects merchants accepting swiped cards, not keyed cards processed through your virtual terminal. If you only do online payment processing the EMV switch does not impact you!

By combining Europay MasterCard Visa (EMV), end-to-end encryption and tokenization – your customer’s credit card data is more heavily protected than ever before. As soon as the card is used, it makes all the card data completely useless to hackers. It becomes impossible to decrypt or use in any way.

So how do EMV capable cards and equipment work?

  • EMV chip technology authenticates that a customer’s card is genuine
  • EMV only affects swiped cards – not keyed cards
  • The encryption technology encrypts card data as it is entered so no one else can read it
  • The encrypted data is verified by our secure network, which replaces the data with a “token”—something of no value and unusable by hackers
  • Then the transaction is approved without ever transmitting any card data across the web!

EMV is now effective in the United States as of October 1, 2015, and as a business owner, you may be making preparations to accept chip or smart cards. Maybe you purchased your EMV-ready terminal, but it’s still in the box. Or perhaps you’ve plugged it in, but the software isn’t installed or working properly. Possibly you’ve got it all assembled, but your employees have no idea how to operate it or how to instruct customers to use it properly. Or, if you haven’t thought about EMV at all—now is the time! Contact support now to learn how to get up to speed with the new EMV equipment and requirements.

New and existing Singular Payments customers may qualify for FREE EMV ready equipment!

Contact us below to learn more.

Got EMV Questions?

 



The EMV liability shift of 2015

Get EMV Ready

Start by evaluating the system that you are presently using at your business. Is it EMV-capable or ready? You can find out now if you are already a Singular Payments customer by simply Contacting Us now. Your software may need to be updated or you may need entirely new equipment; either way we’re here to help!

ALERT! A common misunderstanding is thinking you are set up to accept EMV cards if your current POS system is equipped with an EMV reader slot. POS suppliers have been manufacturing EMV terminals for several years to comply with Europe and the rest of the world. In simple terms, the U.S. is the last developed country to roll out EMV, but many U.S. POS systems have either not developed the application code to accept EMV or certified to their processor for EMV acceptance, rendering that slot completely useless until the system is upgraded. There are also terminals, PIN pads and signature capture pin pads deployed that have EMV readers but may not be of a security standard level necessary for EMV card acceptance. Due to this confusion you must Contact Us to determine how we can help get your equipment up to speed.

While EMV reduces card fraud

Some questions you should ask your Singular Payments support person or your current POS provider:

  • Will I be responsible for ordering new hardware? What specifically will I need?
  • Are there any software upgrades I need to know about?
  • What is it going to cost to upgrade my system so it is EMV-ready?
  • Am I going to need to have an IT person on-site to install or implement anything? If so, how much will it be and how long will the installation take?
  • What exactly will be required on my end once I have the appropriate software and hardware?
  • How much training will my staff need in order to learn the new process for chip-and-PIN transactions—and who will train them?
  • And possibly the most important question to ask your POS provider: If they don’t currently offer an EMV solution, what are their recommended options?

We’re here to help make your EMV switch easy!