Swipe-and-sign is already a familiar procedure in the credit card processing world but with the existence of EMV’s, the traditional methods will surely recede in usage in the future. EMV stands for Europay, MasterCard, and Visa, and is the global standards for authenticating chip-card transactions. When EMV credit cards are used by your clients, you will need to invest in an EMV credit card processing system so that you can process their payments. Nationwide Merchant Solutions can help you identify the ideal service that meets both your short and long-term objectives and allows your business to grow indefinitely.
How do EMV credit cards work?
EMV credit cards come with a microchip, the key component that will be read by the EMV credit card processor. Since there is no more swiping needed, the magnetic strip becomes redundant. However, at the moment, you have to take note that the payment industry has not made a total shift to EMV credit card processing, and that is why clients will still need to sign off the transaction even with their EMV-equipped credit cards.
Making the shift to EMV credit card processing
Since the concept is relatively new and has not been fully implemented by all credit card companies, we understand how hard it is for you to make a shift from traditional credit card processing to EMV credit card processing. In fact, we will not recommend that you make a total shift yet. EMV credit card processing should be considered as a value-added payment service that can complement all your current POS solutions.
Benefits of using EMV credit card processors
- With EMV, there is improved security since the microchip does the work by identifying the cardholder and the transaction with a unique transaction code when using the EMV payment processing system.
- EMV credit card processing can significantly reduce card fraud and counterfeit cards.
- It also makes use of cryptographic algorithms and PIN to authenticate cards going to the processing terminal. This increases protection on your part and the part of your clients.
- You can be sure that cloning is highly unlikely to occur with this system in place.
Our EMV credit card processors can read cards from different networks
As mentioned earlier, EMV actually stands for Europay, MasterCard and Visa. These three were the first three credit card networks who have implemented EMV standards. Alongside these three are the following credit card brands who are now utilizing the EMV technology which our processors can accept as well:
- American Express
- Diner’s Club International
- China Union Pay
Get to know more about EMV credit card processing and the products that will help you implement an ideal EMV card processing solution for your business. Enjoy the benefits and pass it on to enhance the payment experience of your customers!