Compliance
Does your business offer “chip” cards?? Not yet??!! Well, it’s time to make sure you’ve enabled EMV processing on your payments terminals. You need an EMV capable terminal file identification number (TID) and you’ll need to make sure your terminal has the software updates required.
Here’s how to understand the “EMV processing” and “chip cards” and how Mike can help you transition from your old equipment to your new:
What is EMV?
EMV is an integrated circuit card specification for payment systems. Developed in the mid-1990s, EMV card are used widely internationally. EMV processing helps to facilitate interoperability between “chip cards” and terminals for both credit and debit card
transactions.
When and Why does my business need to be EMV compliant?
NOW!!! The liability shift has come and passed, which was Oct. 1, 2015. Everyday that your business is not EMV or “chip card” compliant, YOU risk possible finanacial loss due to the counterfit fraud liability shift.
So, how does EMV protect you?
EMV protects against counterfit fraud through authentication and unique data that resides on “chip cards,” smartphones, and other devices. EMV also provides risk management parameters at the card level and offers both an online and offline pin to protect against fraud due to the loss or stolen cards.
The computer chip holds information for running the transaction, much like the magnetic strip on the back of credit and debit cards always have.
However, the “chip” is much more secure and harder for criminals to steal and commit card fraud, such as creating “fake cards,” using real information.
Liability-shift in today’s new EMV world – If a merchant doesn’t have an EMV card reader, the liability for fraudulent transaction shifts from the card network to YOU – the merchant!!
Hometown Merchant Solutions, LLC can help make this transaction to become compliant as smooth as possible. Once you’re up and running and if Mike can’t be there in person, you can always call Retriever national tech support representatives 24/7 at 1-800- 683-2289.
Also, you can learn more about your new processing equipment at www.npc.net/emv or www.npc.net/emvdownload.
Here’s how to understand the “EMV processing” and “chip cards” and how Mike can help you transition from your old equipment to your new:
What is EMV?
EMV is an integrated circuit card specification for payment systems. Developed in the mid-1990s, EMV card are used widely internationally. EMV processing helps to facilitate interoperability between “chip cards” and terminals for both credit and debit card
transactions.
When and Why does my business need to be EMV compliant?
NOW!!! The liability shift has come and passed, which was Oct. 1, 2015. Everyday that your business is not EMV or “chip card” compliant, YOU risk possible finanacial loss due to the counterfit fraud liability shift.
So, how does EMV protect you?
EMV protects against counterfit fraud through authentication and unique data that resides on “chip cards,” smartphones, and other devices. EMV also provides risk management parameters at the card level and offers both an online and offline pin to protect against fraud due to the loss or stolen cards.
The computer chip holds information for running the transaction, much like the magnetic strip on the back of credit and debit cards always have.
However, the “chip” is much more secure and harder for criminals to steal and commit card fraud, such as creating “fake cards,” using real information.
Liability-shift in today’s new EMV world – If a merchant doesn’t have an EMV card reader, the liability for fraudulent transaction shifts from the card network to YOU – the merchant!!
Hometown Merchant Solutions, LLC can help make this transaction to become compliant as smooth as possible. Once you’re up and running and if Mike can’t be there in person, you can always call Retriever national tech support representatives 24/7 at 1-800- 683-2289.
Also, you can learn more about your new processing equipment at www.npc.net/emv or www.npc.net/emvdownload.