I’m sure by now, you’ve noticed that chips come standard on debit and credit cards. You’ve also probably been annoyed by the whole “insert or swipe” dilemma at the checkout stand. Well, the truth is, these chip cards are here to stay: and they’re worth the extra time in line. These cards have huge benefits. Most significantly, they prevent fraudulent transactions due to their tamper-proof materials and high security features.
EMV, which stands for Europay, Mastercard, and Visa, is a global standard for credit cards that dictates the use of a chip instead of a magnetic stripe. This new technology is all around us, and compliance should be on your mind as a business owner who accepts credit and debit card.
Are you freaking out because you’re not sure about EMV compliance? Don’t. We’ve compiled a brief list of the basics for EMV compliance in 2018, as well as some great resources for diving deeper into EMV compliance, so you can brush up on your knowledge and make an informed decision for your business.
Europay, MasterCard, and Visa are the three companies that founded the organization which created the chip card. By establishing these new standards, they intended to shift liability for fraudulent activity, and reduce their losses due to fraud. Originally stared in Europe because of exorbitantly high international call rates, the EMV standard eventually moved to the US, where credit card fraud has been a major issue.
There are several benefits to using and accepting chip cards:
- Chip cards use authentication of dynamic data generated by chip cards, smart phones, and EMV compliant devices to protect against counterfeit fraud.
- Better risk management parameters at the card level and when using a PIN
- Provide protection against lost and stolen card fraud
The biggest benefit other than increased security for your customers: shifting liability away from your business for fraudulent charges. As it stands, if your business isn’t EMV compliant, the card issuing companies can hold you accountable, and you can be susceptible to hefty chargebacks.
What Happens if My Business isn’t EMV Compliant?
There isn’t a law that mandates EMV compliance; you’re not going to get arrested if you’re still using older devices and accepting magstripe cards. You are, however, putting your business at an increased risk: your business will automatically be held responsible for fraudulent charges made by someone using a chip card. This becomes especially dangerous for businesses processing big-ticket items for higher amounts.
Ultimately, EMV compliant devices and Chip cards are here to stay and will remain a central component of the payments industry. For a complete guide of EMV compliance, debunked myths, FAQ, and other training guides, here are some resources from our latest integration partner, Vantiv.
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