October 28, 2015

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Infographic of EMV Chip Cards and The Future of Payments

The infographic below was created by the EMV Connection (http://www.emv-connection.com)  and was designed to answer the key questions surrounding the U.S. migration to EMV chip cards for payment. This infographic will help merchants understand:

 

  • What the chip migration is and when it will happen
  • The security features of EMV chip cards
  • What will change for the consumer
  • How the payment process works with chip cards

Click Here to Download PDF Version.

Infographic–EMV-Chip-Cards-The-Future-of-Payments (1)

October 26, 2015

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How Is a Chip Card used at POS

During the transition to chip, customers are being told to swipe their card as they normally would and follow the prompts. If the terminal is chip-enabled, it will prompt them to insert it instead. If you have chip-enabled terminals and you see that your customer has a chip card, you can tell them to insert their card for a chip transaction. These basic steps will help your customers pay successfully in your store:

 

  • The customer should insert their card with chip toward terminal, facing up. The chip card should not be removed until the customer is prompted.
  • The customer will provide their signature or PIN as prompted by the terminal. Some transactions may not require either.
  • When the terminal says the transaction is complete, the customer can remove their card.
  • If the customer has questions, remind them to follow the prompts on the terminal and leave their card inserted until prompted to remove.

November 24, 2014

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EMV Technology Q & A

In several upcoming blogs we will be sharing some very important news about EMV (European Mastercard Visa) Chip Technology with our restaurant customers and prospects. Have more questions? Leave them in the comments section below.

Thank you to Chase Paymentech for this valuable information.

What is EMV?
EMV chip technology is becoming the global standard for credit card and debit card payments. Named after its original developers (Europay, MasterCard® and Visa®), this smart chip technology features payment instruments (cards, mobile phones, etc.) with embedded microprocessor chips that store and protect cardholder data. This standard has many names worldwide and may also be referred to as: “chip and PIN” or “chip and signature.”

What is chip technology?
Chip technology is an evolution in our payment system that will help increase security, reduce fraud and enable the use of future value-added applications. Chip cards are standard bank cards that are embedded with a micro computer chip. Some may require a PIN instead of a signature to complete the transaction process.

Why should I invest in chip card acceptance now?
Preventing the growth of fraudulent activity is one of the main reasons the industry is moving toward EMV technology. Chip cards make it difficult for fraud organizations to target cardholders and businesses alike. As a result, more and more chip cards are being introduced by U.S. financial institutions in order to support and switch over to this technology.

How is a chip card different from a traditional payment card? A chip payment card looks just like a traditional card with an embedded chip in addition to the standard magnetic stripe on the back of the card. What you see on the card is not the actual microchip but a protective overlay. The microchip provides an additional level of authenticity for the transaction.

What do I do when a customer presents a chip card?
Chip cards will still have a magnetic stripe during the U.S. migration to EMV to ensure that customers can continue to pay until all merchants have been given the time to upgrade their equipment.

How does EMV chip technology work?
Your EMV-enabled device will communicate with the chip inside the customer’s smart card to determine whether or not the card is authentic. Generally, the terminal will prompt the customer to sign or enter a PIN to validate their identity. This process enhances the authentication of both the card and cardholder, effectively reducing the possibility that your business will accept a counterfeit card or be held liable for a fraud-related chargeback.

Will I still be able to accept traditional credit and debit cards?
The Future Proof terminal has a magnetic stripe swipe reader and you can continue to accept payment cards that are not chip-enabled.

Chip cards will still have a magnetic stripe during the U.S. migration to EMV, to ensure that customers can continue to pay until all merchants have been given the time to upgrade their equipment.

Check back for more valuable EMV Chip Technology Q & A next week!