Part of this order, which is detailed in a White House fact sheet, required payment card issuers to embed cards with secure EMV microchip technology by October 2015. President Barack Obama issued an executive order to implement enhanced security measures for consumer finances.
The government also stepped in to lead a nationwide effort to better protect consumers. Since individual organizations can only do so much to stop cybercriminals, the credit card payments industry instituted EMV policies to fight credit card fraud. EMV technology allows sensitive cardholder data to be stored in a chip, rather than in the magnetic stripe found on traditional payment cards. What is EMV?ĮMV, which is named after its original developers (Europay, MasterCard and Visa), is a global credit card standard that enhances the security of in-person card transactions. To help you understand the current state of EMV better ― and what it means for your business moving forward ― here’s an overview of its standards and expert advice for small business owners.Įditor’s note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. This initiative has resulted in chip cards comprising nearly 85 percent of United States card transactions, according to EMVCo. In an effort to prevent such security violations, merchants have been urged to accept EMV chip cards ― or bear the cost of any ensuing fraudulent activity. Over many years recently, credit card data breaches at chain stores have exposed customers to hackers looking to make a quick profit off their victims’ information. This article is for small business owners interested in accepting EMV payments through credit card chips.The primary benefits of EMV ― fraud reduction, mobile add-ons, easier customer payments ― substantially outweigh the challenges of implementation.The liability for credit card fraud stemming from non-EMV transactions lies with merchants, not credit card companies.EMV technology powers credit and debit cards that include payment chips alongside the traditional magnetic stripe.
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