EMV credit cards are the wave of the future. But that future could be very expensive.
Short for Europay, MasterCard and Visa, EMVs are a relatively new type of credit card equipped with embedded security chips designed to prevent fraudulent activity. It's no longer enough to copy down a user's 16-digit card number. The plastic (and chip) must be physically present at point-of-sale registers in order to make a purchase:
Europay, MasterCard and Visa (EMV) chip-enabled credit cards are becoming increasingly popular throughout the U.S. And it's not difficult to see why. They come equipped with fraud-prevention features, making them very difficult to clone.
In fact, it is because of these security features that EMV cards have already replaced traditional swipe-and-sign credit cards in most parts of the world.
In the U.S., you'll usually see EMVs marketed as either chip-and-PIN or chip-and-signature credit cards. But how are they different (and which one is more secure)?
EMV (Europay, MasterCard and Visa) credit cards have taken the retail world by storm. That is — everywhere but in the United States — a market with more than 1 billion credit and debit cards, most of which aren't equipped with EMV technology.
EMV credit cards have already become standard worldwide, with the United States being the last major market that still relies on traditional swipe-and-sign plastic.
One reason behind this slower adoption rate is the investment that merchants must make to begin accepting EMV credit card payments. You need a special terminal that can read and process chip-enabled cards. But experts predict that by 2018, EMV readers will become "ubiquitous" at point-of-sale locations across the country.
Automated Clearing House (ACH) is a government-regulated electronic network through which financial institutions can transmit funds back and forth. The process is similar to credit cards, except that senders and receivers use bank routing codes instead of traditional 16-digit credit card numbers.
Enabling ACH payments offers important advantages to businesses and customers alike:
When credit cards were first introduced, only the largest and most successful companies could afford to open merchant accounts.
Thanks to the rise of e-commerce and mobile credit card processing, any business can now accept virtual payments — regardless of industry or size. What once was a competitive advantage has quickly evolved into an absolute business necessity.
State fairs are a summertime tradition. Some of the largest, such as the Texas State Fair, the Minnesota State Fair and the Ohio State Fair, attract more than a million visitors each year.
The state fair is more than just a place to show off your prized thoroughbred, ride the Ferris wheel or enjoy a corn dog; they’re an excellent place for retailers to showcase locally famous crafts, foodstuffs, hand-crafted furniture and metal work.
Using mobile credit card processing at the state fair
As a business owner, your goal is to find convenient, time-saving, and straightforward ways to process customer payments. After establishing electronic payment options for your customers via credit and debit card payments, you need to also explore the possibility of accepting ACH payments. These are electronic payments that are carried out through the Automated Clearing House, an extensive network of nearly every bank in the United States.
Showing your support for political issues and candidates is about more than signing petitions. Politics requires funds for campaigning and taking action, and securing that funding no longer only means busting out the checkbook.