What is EMV and what does October 2015 deadline mean for my business?

BusinessSales / Service

  • Author Lamia Michelle
  • Published June 20, 2015
  • Word count 351

As you know, Netcom PaySystem recently announced that many of our payment solutions will now incorporate EMV payment capability. This means that merchants will now have devices that are EMV capable – delivering the latest in fraud prevention technology. Starting, October 2015, all of U.S. merchants will have a liability shift for chargeback protection if they are not using EMV-enabled devices. So it’s a good idea for merchants to stay ahead of the curve on this.

But what does this really mean to you? Here’s a quick breakdown.

What is EMV?

EMV is an abbreviation for Europay, MasterCard and Visa and is an internationally adopted payments standard that utilizes microchip technology to authenticate and process debit card and credit card transactions. EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards. Today, EMVCo manages, maintains and enhances the specifications. EMVCo is owned by American Express, Discover, JCB, MasterCard, UnionPay, and Visa.

What are the benefits of EMV?

The biggest and most important benefit of EMV is the reduction in card fraud resulting from counterfeit, lost and stolen cards. EMV also provides interoperability with the global payments infrastructure – consumers with EMV chip payment cards can use their card on any EMV-compatible payment terminal. EMV technology supports enhanced cardholder verification methods and, unlike magnetic stripe cards, EMV payment cards can also be used to secure online payment transactions.

About Netcom PaySystem

Netcom PaySystem prides itself on being as eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, EMV Capability, ISV/SDK and Virtual Terminal Solutions. In addition, the company offers the merchant access to POS Systems, eCommerce, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital.

If you are looking to process EMV transactions, contact us Today to Get Started at 800-875-6680 or for more information please visit www.netcompaysystem.com

Netcom PaySystem prides itself on being as eager to practice good, old-fashioned customer care as it is to pioneer new products.

http://netcompaysystem.com/

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