Counting down to the Death of your Card Reader
EMV vs. Magnetic Card Processing
Your current magnetic card readers days are numbered and will soon be replaced with a more secure solution known as EMV. For those of you who travel outside the United States, you may already know that your trusy magnetic cards simply won’t work in some countries.
You might be asking, what is EMV? EMV is a standard that was started by Europay, Mastercard International and Visa International. These three companies joined together to form EMVco to promote the use of “smart cards.”
A “smart card” is a payment card with an embedded microprocessor, or chip. The chip can hold much more information than a magnetic stripe can. These “smart cards” will make the process more secure for both the merchant and the consumer. Due to fraud prevention, Visa is strongly encouraging the US payments industry to move towards EMV.
So, what does this transition mean for merchants? It means it is time to start thinking about making the transition to accept “smart cards”. As of April 1, 2013 acquirers and processors must be able to support EMV transactions. As your payment processing partner and business advocate, 1st National Payment Solutions will provide regular updates regarding the transition to EMV. Talk to us, ask questions, and we will assist you in making the transition.
As the deadlines approach, credit card companies will release more detail to help guide merchants on the path to EMV. This new technology will benefit everyone from merchant to the consumer.Tagged