EMV processing San Diego (Some facts about EMV-enabled credit cards)
As the credit card industry moves to a higher security standard, more and more businesses in San Diego are upgrading their merchant payment system into a more secure credit card processing system – EMV processing.
What is EMV processing? Why EMV processing in San Diego is becoming more and more popular not just to big merchants but to small and medium-sized businesses as well?
Here are some facts about EMV-enabled credit card processing:
What is EMV?
EMV stands for Europay Mastercard Visa. It is the new global standard for credit cards processing; it has a ‘chip’ technology aimed at increasing security and protection from fraud.
Why EMV credit cards are more secure?
As opposed to the conventional credit cards that use magnetic stripe, EMV cards are more secure because their ‘chip’ creates a unique transaction code for each transaction, which cannot be utilized again. Meaning to say, if there was a data breach in an EMV-enabled credit card terminal, the thief could not use the data acquired to replicate further fraudulent transaction.
Can I still accept magnetic stripe credit cards if I upgrade to EMV-enabled terminal?
Yes. Credit card terminals that are EMV-enabled can still accept magnetic stripe card. Magnetic stripe cards are not likely to go away anytime soon.
What if my business does not want to accept EMV credit cards?
Does not want to accept EMV credit cards? Meaning, you do not want to upgrade to an EMV-enabled terminal? Well, it is up to you, the merchant, to upgrade or not. However, because the major credit card issuing banks have made the migration to EMV-enabled credit cards, they expect that merchants process EMV-enabled cards. That means, if a merchant does not accept EMV cards after the migration date, all costs associated with any fraud will fall to the merchant; that is, again, if they choose not to use the increased security of the EMV credit cards.
Want to learn more about EMV processing in San Diego? Visit CreditCardProcessing.net today.