“EMV” Posts

How Swiping an EMV Card Cost One Business $5,368

How Swiping an EMV Card Cost One Business $5,368

The 2015 liability shift transferred the financial responsibility for chargebacks resulting from incorrectly processed EMV transactions away from the card brands and onto businesses. Although this shift occurred a few years ago, many businesses still use non-certified EMV terminals or rely on outdated swipers due to cost constraints, antiquated providers and lack of pressure to adopt new technology. The problem is, relying on old technology only works until it doesn’t. In the case of one photography business, swiping a chip card resulted in a chargeback of $5,368.75. With high-ticket-value services and products, the cost of going one…

EMV Liability Shift: Explained

EMV Liability Shift: Explained

The EMV liability shift refers to the 2015 transfer of responsibility for fraudulent losses from the card brands to businesses in cases when the fraud occurred on an incorrectly processed chip card. There is an entire underground economy powered by stolen credit cards. With traditional magnetic stripe cards, a fraudster could simply obtain one, make copies using a cheap machine and hire people to go shopping. The credit card issuers (MasterCard, Discover, Amex and Visa) were liable for these unauthorized transactions, resulting in losses that exceeded $16 billion in 2014, according to WalletHub. The staggering losses encouraged the card issuers…

What Is EMV Credit Card Processing?

What Is EMV Credit Card Processing?

EMV credit card processing entails a series of steps to authenticate a payment by ‘dipping’ or ‘inserting’ an EMV-chip card. To correctly process an EMV credit card, a level-3 EMV certified card reader is required. To achieve proper EMV credit card processing, you must take a number of pre-transaction steps. Depending on your role in the payment process, these steps may be extensive or non-existent. EMV Credit Card Processing Preparation Merchant Service Providers A Merchant Service Provider is an organization that issues individual merchant accounts to businesses processing credit cards. Typically, a provider will also offer the equipment needed to…

The Future of Card Readers

The Future of Card Readers

Not long ago, businesses were processing credit cards with a carbon copy imprinter. Since then, the payment processing industry has taken major strides in advancing its technology, and it’s only changing quicker these days. The combination of smarter card reader technology and crafty fraud tactics means more shifts in credit card processing equipment for businesses to consider. Here, we outline three trends for businesses to keep in mind as they invest in newer (and more expensive) readers: Card Readers Must Be EMV Capable By now you’re likely aware that mag-stripe cards are getting phased out and EMV-chip cards…

Things to Know Before You Buy Credit Card Readers

Things to Know Before You Buy Credit Card Readers

If there’s one thing to take away from this post, it’s that all card reader are not made equally. Despite looking similar, they vary greatly in features, business benefits and cost. Before investing in credit card readers, you should have a thorough understanding of them. Most importantly, you should be aware of the red flags to look for when shopping to ensure you’re purchasing credit card readers that will be a long-term investment for your business. Here are six things to absolutely avoid when shopping for credit card readers: No EMV certification: With the liability shift nearly…