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You've probably seen commercials for state-of-the-art credit cards with small chips. As opposed to swiping a magnetic strip credit card, the customer in the commercial would place the chip into a terminal or flash the chip in front of a reader and input a PIN number. What are EMV cards, and precisely why should we be using them?
EMV represents Europay, Mastercard, and Visa. EMV chips were introduced to help reduce fraud. According to Businessweek, the chips are harder to hack and counterfeit than regular striped credit cards. Here are 5 reasons you should switch to an EMV card and why merchants should switch to EMV terminals ASAP:
# 1: EMV Cards are Smarter
It may not look like much, but every one of those little gold chips on an EMV card contains an embedded microprocessor, a kind of small computer that gives strong security features and other capabilities not feasible with typical magnetic stripe cards, according toEMVCo. When inserted into a terminal, the reader has the ability to exchange data with the card easier. With " payment gateway provider":https://www.facebook.com/Ecommerce-Simplified-997464833627504/ , the reader reads the chip and allows an exchange of data via radio frequency without the card ever leaving behind the customer's hand. Research has shown that a contactless transaction can be approximately 53% faster than a traditional magnetic stripe credit card purchase, and 63% quicker than making use of cash.
# 2: EMV Cards are Safer
EMV cards are taken into consideration more secure since it's harder to copy account numbers and security codes from chips than from magnetic strip cards. EMV cards also create a unique code for each transaction, making them more difficult to hack or counterfeit.
# 3: EMV Cards are Becoming More Accessible in the United States
It's taken long than data security professionals would have liked, but EMV cards are slowly becoming more accessible in the U.S. Most major credit card companies are now making credit cards with EMV chips, like the Chase with their Sapphire Preferred Card, along with American Express and Citi Bank, according to NerdWallet.
# 4: EMV Cards are the International Standard
If you're going on vacation in Asia or Europe, you better have a EMV credit card. EMV cards are the standard worldwide, to the point where some merchants no longer accept our magnetic striped cards. According to Businessweek, companies have been slow to accept the a lot more secure payment systems that have been widely used in Europe and Asia for years, mostly because of the expenditure and a absence of synchronization among merchants, credit card providers, and financial institutions.
# 5: By October 2015, Merchants That do not Take EMV Will be Held Liable for Counterfeit Fraud
If they do not change by that time, credit card networks will, "... hold that an issuer or merchant who does not attend to EMV will assume the liability for counterfeit card transactions. If you're a merchant, that means you would be held liable for any fraud that occurs to a customer's EMV chip card.
So switching over to a EMV credit card and terminal is a healthy idea for customers and merchants alike, especially by 2015.