EMV payments are becoming more and more popular every month. EMV cards, which are also known as chip cards, are essentially credit and debit cards that can be used as a form of payment and come complete with an added security chip. These security chips are embedded in the cards and require the card itself to placed in a chip reader instead of being swiped through the credit card machine. EMV cards are said to be more secure, but do you know exactly how they work and why?
How EMV Cards Are More Secure
Traditional cards with a magnetic strip encode the primary account number as well as the expiration date of that card. The problem with this strip is that it is easy to clone. Cards that feature the new embedded security chips instead support dynamic authentication. That means that not only do they require a signature or a PIN when used but the chips go one step further. They create unique information with each use that is difficult to clone, which makes it extremely difficult for criminals to steal the card information and use it to their advantage later.
Advantages of Accepting EMV Card Payments
Since credit card processing is almost always part of owning a business, if you have not yet adopted this new form of payment, you may be missing out on some of the advantages that come along with requiring EMV cards:
● Your business cannot be held responsible for fraud occurrences. Since you are providing a more secure payment method, the burden cannot fall back on you. Not only is this beneficial for your time but you can also lose money when trying to fight a case against fraud.
● You will be less of a target for criminals. If they know you are still using older credit card machines, they may be more inclined to attack you. When you adopt EMV, you will save money and time over time.
● There are some customers that will now only do business with companies that offer secure payment options and EMV is the way to capture those customers. Not only will your current customers feel more at ease but you may even get more customers looking for added security in terms of payment methods.
Credit card processing options are expanding and if you want to offer a secure method, EMV is a great choice.