After the recent breaches of security for some of America’s largest corporations, there is a change coming soon in the world of credit and debit card transactions. Target, Home Depot, Michaels, and Neiman Marcus were some of the recent victims of hackers’ attacks, which led to the theft of millions of customers’ credit and debit card data. Fortunately, there is a solution: the EMV transition.
The answer to these breaches of security is called EMV or Europay, Mastercard, and Visa. EMV is similar to the debit and credit cards widely used in the U.S. today, but the magnetic stripe is replaced with an embedded microchip. Unlike the old magnetic stripe cards that store and send static cardholder data, the new chip cards add dynamic data to each transaction. Basically, each transaction with EMV is unique, creating protection for card data.
EMV is already the payment standard in Europe and Canada, making their markets significantly less susceptible to card data theft. The U.S. will join in the ranks of more secure markets in 2015.
The 2015 change will bring a ‘liability shift’ to the U.S., meaning that merchants will now be responsible for all fraud that results from transactions made on any non-EMV systems. Financial institutions are issuing customers new cards and updating their networks to be compatible with EMV data, while businesses will need to purchase new, EMV-capable terminals. Benefits of the switch will mean less fraud and increased security for participating merchants.
With the deadline to make the EMV transition quickly approaching, Frontline Processing is here to help you save time, save money, and eliminate fraud today with EMV.
Call our customer support at 1-866-651-3068 to get your free EMV credit card terminal today!
For more information on the EMV transition, read about our EMV Credit Card Processing services or our EMV Guide.
At Frontline Processing, on average, we save our merchants 12% or more on their credit card processing fees! 1-866-651-3068
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