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October 5, 2014

Upgrading EMV credit card terminals

Recent highly-publicized security breaches at Target and Michaels have shaken consumer confidence in the safety of credit card and other electronic forms of payment. In an effort to strengthen personal data security and reduce the incidence of fraud and data theft, many businesses are considering a switch to a new type of payment processing solution called “EMV”. Developed by Europay, Visa, and Mastercard, EMV chips and terminals are the next step toward improving the safety and security of customer data.

Traditional credit and debit cards have magnetic strips that contain “static data” which is data that never changes, making it easier for thieves to “lift” that data from the card and create a fake card. EMV or “smart cards” have embedded microprocessor chips that encrypt customer data in a different manner for each transaction. This makes it much more difficult for data thieves to pick up pieces of payment data to use for fraudulent transactions.

Beginning in October of 2015, all of the major credit card companies will establish EMV technology as the standard card technology in the U.S. So, it is imperative that businesses begin formulating a strategy to upgrade their POS terminals in order to make them EMV-compatible. Merchants Bancard Network has been serving merchants across the United States in the card processing industry for more than 20 years. MBN delivers credit and debit card processing, gift/loyalty/store program card programs, online shopping carts, echecks and much more.

Whether your business uses countertop, wireless, or mobile payment solutions, MBN has new and used POS equipment and peripherals from all the major manufactures such as Dejavoo, First Data, Ingenico, PAX, Verifone, and QuickPay. Many of these units are completely compatible and compliant with any future PCI/EMV processing requirements. The payment solution account specialists at MBN can help you select the equipment that is best suited for your business needs.

EMV chip security features

Chip-embedded payment cards are virtually impossible to duplicate especially when they are combined with additional security features such as encryption and other authentication features such as PIN numbers. Card processors the accept EMV payments should be able to support all verification methods, but a combination of chip and PIN number provides the strongest protection against data thieves, fraud committed by using lost or stolen cards, skimming, and counterfeiting cards. These strong authentication procedures and the uniqueness of each transaction result in a noticeable reduction in counterfeit fraud and data theft.

Why this makes sense

The reviews for EMV or smart cards have been overwhelmingly positive. For example,the United Kingdom, who was one of the earliest users of chip and PIN technology, has reported a decrease of over 17% in total card fraud between 2005 and 2010, while lost, stolen and counterfeit card fraud are at their lowest levels since the 1990’s. Statistics don’t lie – the U.S. was ranked #1 in the world with respect to credit card fraud, and fraud losses due to credit cards have topped 5 billion dollars!

Let the professionals at Merchants Bancard Network bring you business into the 21st century with state-of-the art data security – EMV chips and terminals. Maximize your data security while minimizing the impact on your business. Call MBN at 877-871-4629 and let their expert support staff help you to discover the right tools for your business.