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June 2, 2015

Accept EMV payments online

EMV chip technology is quickly becoming the new global standard for credit card and debit card payments. EMV technology was a collaborative effort on the part of Visa, Mastercard and Europay in an effort to combat fraud and protect sensitive customer payment data with enhanced security features.

EMV card security features include microprocessor chips that are embedded in payment devices such as mobile phones and credit cards to store and protect customer information. This type of “dynamic” data versus the “static” data of traditional magnetic stripe cards, will make it much harder for data breaches to occur, therefore, significantly reducing the incidence of fraudulent transactions.

In October of 2015, the major credit card companies will have migrated to EMV technology as the standard card technology for use in the United States. After the October 1st deadline, liability for fraudulent transactions will rest upon the shoulders of the party that is the “least EMV compliant”, ie. merchants that have not adopted EMV-capable POS systems.

The evolution of online EMV credit card payments

In today’s technology-driven world, consumers want to have flexibility in the way that they shop and in their method of payment whether it’s online, in store, or using a mobile device. With the upcoming switch to EMV or “smart cards”, increased security through card authentication, verification, and transaction authorization will significantly reduce the incidence of credit card fraud with EMV-compatible POS equipment.

Security for card-present transactions will greatly improve with EMV cards, but improvements for e-commerce are continuing to evolve. Options for “beefing up” online security may involve the use of a “near-field communication” reader or NFC which could be used in the authentication process necessary to complete the online transaction. The embedded smart chip in a customer’s card could also be used to make purchases by using a mobile phone, many of which currently work with a NFC reader.

One thing is certain — once the October 15th deadline arrives, the credit card processing industry will be working diligently to develop new technology to address the issues of EMV cards and online security.

Keeping up with your customers

Merchants Bancard Network is the leader in secure, completely in-house merchant payment solutions. They are committed to making sure that their payment gateway is one of the most secure within the industry. One of the fastest growing segments of the card processing industry today are internet transactions. MBN’s top priority is the protection of sensitive customer data. They understand that, for an online business to remain successful, it must maintain a secure payment gateway system. To that end, Merchants Bancard will devote the time and resources needed to ensure the safety and security of their EMV credit card processing service.

To find out if your POS equipment is in compliance with the new PCI standards for EMV cards or discuss how to more securely accept payments from EMV cards if you are an online merchant, contact MBN today.