EMV stands for Europay, MasterCard, and Visa and is a fraud-reducing technology to help protect you and your customers against losses from the use of counterfeit, lost or stolen credit cards at the point-of-sale.
Embedded in the cards, there is a microprocessor (also called a ‘smart chip’) which interacts with the POS device, ensuring the card is valid and belongs to the user.
How do I Accept these Cards?
You will need a specialized device to accept chip cards. The old magnetic strip reader attached to the side of your computer will no longer be an option. There are many different devices you can use to accept the chip cards. Some will allow you to do the chip only, chip with a PIN entry, chip and signature and contactless (including NFC and ApplePay, etc.). For awhile you will be accepting both magnetic strip and chip. But eventually you will (in theory) over time be accepting more chip cards.
Questions?
We hope you find this information useful. If you have any questions or suggestions please send an e-mail to [email protected].