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September 1, 2020

Are You Up to Date with EMV?

Since 2018, all businesses accepting credit cards have been required to have EMV-capable terminals. EMV compliance is the law, and the law stipulates that all merchants should have upgraded terminals that accommodate EMV chip cards in order to avoid liability. If a chargeback occurs and the card was swiped rather than chipped, the merchant will be held liable, according to major card brand rules.

EMV EMV stands for Europay, MasterCard, and Visa. An EMV card is a card with a small chip embedded in it. Rather than swiping their card, the customer inserts the EMV card into a compliant reader that interacts with the chip. This is more secure than swiping a card using the magnetic strip, which has become associated with rampant fraud.

Once the EMV card has been inserted, the chip generates a one-time transaction code that’s unique to that specific purchase. This process is called tokenization. The customer’s actual credit card number is obscured and the chip reader only sees random alphanumerical strings. Once the smart chip communicates to the card processor to verify and authenticate the purchase and availability of funds, the transaction is processed.

NFC In addition to providing a more secure payment method than swiping a magnetic strip, EMV technology also allows customers to securely pay using their smartphone and other smart devices. This is done using NFC – near field communication – radio wave technology and compatible EMV readers.

NFC enables phones, laptops, tablets and more to easily share data with other NFC-equipped devices. All of today’s smartphones are equipped with NFC technology, and because of this, many credit card terminals are now equipped with NFC capable acceptance.

NFC works by placing an NFC-enabled device within a close radius of an NFC reader – usually within about four inches. This small radius is often considered a major security benefit, and it’s one of the reasons that NFC technology has become so popular as a secure alternative to using credit cards.

Once within range, the two devices instantly communicate with each other and send prompts to the user. The user then follows these prompts to complete the transaction.

Machines Merchants Bancard Network offers a variety of payment processing machines that are equipped with EMV and NFC capabilities.

Pax A80: This EMV- and NFC-enabled device features an optional backup battery, allowing it to work as a countertop or indoor portable payment terminal.

Pax A920: This device accepts traditional and alternative payment methods, including EMV, contactless NFC, QR codes, mobile and wallet payments, and more.

Clover Station: Clover is an EMV- and NFC-enabled set of devices that replaces your cash register, payment terminal, receipt printer and barcode scanner with an integrated suite of products.

Charge anywhere with Bluetooth: With the help of Bluetooth, you can create and send invoices via email, and allow the customer to pay the invoice online.

Chip card and mobile payments have become popular payment methods as customers gradually transition to a cashless world. Make sure you’re able to accept these forms of payment so you don’t miss out. Click here to learn more about our EMV-capable machines.