EMV Credit Card Processing
The days of swipe & sign credit card processing are numbered. In the wake of large-scale data breaches and identity theft, both retailers and shoppers worldwide have begun demanding greater security.
In place of traditional credit cards are chip-enabled payment technologies developed by Europay, MasterCard and Visa (EMV).
At first glance, EMV credit card processing looks surprisingly similar to magstripe processing — but with one tiny difference. Each card comes equipped with a security chip that must be scanned and authorized with each transaction.
The end result is safer retail shopping (and far less credit card fraud).
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How Is EMV Credit Card Processing Safer?
With older credit cards, the magnetic strip is forever linked to the 16-digit number on the front of the card. President of U.S. payment systems for Creditcall, Dave Witts, explains that, "If someone copies a magstripe, they can easily replicate that data over and over again because it doesn't change."
But with EMV credit cards, the chip assigns a unique transaction code for every purchase made by the cardholder. It's not enough to know the credit card number — you must physically have the card in hand in order to complete a purchase.
According to Julie Conroy, Research Director for Retail Banking at Aite Group, "These new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to successfully counterfeit cards."
Is All EMV Credit Card Processing the Same?
Broadly speaking, there are two main types of EMV credit card processing:
Chip and Signature. As the name implies, shoppers must sign their name to receipts while making purchases.
Chip and PIN. This breed of credit card processing is arguably more secure. Consumers must enter a personal identification number (PIN) in order to authorize a transaction. After adopting Chip and PIN credit card processing back in 2004, the U.K. watched fraudulent losses plummet from $356 million to less than $100 million by 2008.
Should You Jump on the EMV Bandwagon?
EMV credit card processing is already the "standard" in most parts of the world. But it's had a relatively slow start in the United States. American retailers are reluctant to invest in new credit card readers. In addition, EMV technology carries its own liability and compliance rules.
But against a backdrop of rising credit card fraud, EMV’s security features are becoming increasingly difficult to ignore. Aite Group estimates that by 2016, 40 percent of debit cards and 70 percent of credit cards will be chip-enabled. If these predictions pan out, American retailers who don't make the transition could lose a lot of business.
If you want your company to thrive in the coming years, you should seriously consider expanding your payment options. Fortunately, we’re here to help you get started:
- To learn more about retail credit card processing through BluePay, click here.
- For all other questions or inquiries, contact us today for a free consultation.
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