If you’ve stood in line recently to make a purchase at a major retailer, been confronted by chargeback fees for swiping a non-chipped card, or read any EMV-focused blogs, then the term “EMV” has become is more than just a buzz word.
Knowing why the EMV migration has introduced a new payments standard can help to alleviate the angst associated with the longer lines, use of a new technology, or finding a new card reader solution for your business.
What’s the point?
Have you ever had your credit card or identity stolen? Not a good feeling? We agree. Well, the chip technology that lives inside your new EMV card makes duplication of your personal information virtually impossible. That’s because there is software inside your card’s chip that interacts with a merchant’s card reader and creates a unique authorization code for every transaction. This encryption protects the entire payments network. Alternatively, if you are a merchant processing a transaction, the software in the the chipped cards protects your business from processing fraudulent transactions and leaving your business liable for the fraud.
Europay. Mastercard. Visa.
Besides being the proper name of EMV, these payments powerhouses are working diligently to ensure that the functionality and ease of use will become more efficient, quick and useful to users. According to Nerdwallet, Visa is trying to address that complaint with its new Quick Chip technology. Quick Chip will allow cardholders to insert and remove a credit card in less than two seconds, much more quickly than the current technology allows.
Are You Safer Using EMV?
The European countries that pioneered EMV usage find that fraud on lost and stolen cards is now at its lowest level for two decades and counterfeit card fraud losses have also fallen and are at their lowest level since 1999. Losses at U.K. retailers have fallen by 67 percent since 2004; lost and stolen card fraud fell by 58 percent between 2004 and 2009; and mail non-receipt fraud has fallen by 91 percent since 2004, according to EMV Connection. The expectation for U.S. consumers is that card-present transactions will see a similar trend for security growth as well.
How exactly do you use the new PayAnywhere 3-in-1 reader?
Having options is important, so we’re glad you asked. There are actually three ways to use a PayAnywhere 3-in-1 reader to process a payment. As illustrated in our PayAnywhere EMV infographic below, you can DIP the card into the designated slot on the card reader. You will have to leave the card inserted as the payment processes and remove the card when prompted. EMV cards also designed to have “backward compatibility”, meaning you can still SWIPE the card as you would a traditional magstripe card (though it isn't recommended if you have the EMV reader). Lastly, users can also TAP the card to process NFC (near-field communication) transactions which allows the card and the reader to communicate to process your payment.
Questions about the 3-in-1 credit card reader? Read this.
For more information on EMV usage, download our EMV infographic.
If you enjoyed this blog you may also like these: