Wednesday, August 24, 2016

7 EMV (CHIP CARD) FREQUENTLY ASKED QUESTIONS

  1. WHAT IS EMV? EMV (Europay, MasterCard and Visa) is a global standard for debit/credit cards that have the computer chips in them.
  2. WHAT IS EMV TECHNOLOGY? EMV technology includes the payment devices used to authenticate chip-card transactions in a way that enhances security to protect cardholders from fraudulent transactions.
  3. HOW IS AN EMV CARD DIFFERENT FROM A NORMAL MAGNETIC STRIPE CARD?  The chip end of the card is to be inserted into a device rather than swiped. Some EMV cards will even have the ability to be contactless.
  4. WHAT IS THE EMV FRAUD LIABILITY SHIFT? As of October 1, 2015 the Card Associations shifted the liability to the merchants who have not adopted chip technology.
  5. WHAT IF I DO NOT HAVE AN EMV ENABLED TERMINAL? Essentially you are still able to accept all credit card transactions; however if an EMV card is presented and swiped, which I later deemed to be fraudulent, you are automatically responsible for the total amount. You will not have the opportunity to respond and fight for your money back.
  6. SHOULD I UPGRADE TO AN EMV ENABLED CREDIT CARD TERMINAL? It is not mandatory, so there is no penalty if you do not have one. However, for your protection and the security of your customers information, it is HIGHLY recommended that you upgrade your terminal. 
  7. WHERE CAN I GET AN EMV ENABLED CREDIT CARD TERMINAL FOR CHEAP? Here at Bank Card Systems, not only do we offer the latest, high-speed, user-friendly EMV equipment, we also guarantee you the lowest credit card processing rates in the industry. We will MATCH or BEAT any rates. If you are already processing, simply give us a call and send us a copy of your current statement and we will do a free analysis to ensure you the best possible rates. Best of all... NO CONTRACT. If you are unsatisfied for ANY reason at all, you are free to cancel with no penalty.
Visit our website for more information at www.bcspos.com


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