Accepting EMV chip payment cards
January 28, 2015

Europay, MasterCard and Visa chips embedded in credit and debit cards are becoming increasingly necessary on a global scale. Many U.S. banks are beginning to provide their customers with cards that are engrained with EMV chip technology. As a business, this is an additional payment option you should provide for your customers. In addition, EMV chips combined with PCI security standards can provide impressive security for you and your customers, according to the PCI Security Standards Council.

Be aware of what steps and precautions you and your business must take in addition to knowing how to accept EMV chip cards for another form of payment.

Increase your security standards
EMV chips make your customers' credit or debit cards more difficult to counterfeit due to the technology integrated into the small computer chip. Partnered with your compliance with security standards implemented by PCI, you can help prevent fraud at your business.

Ensure that you comply with security standards and protect confidential information during the entire payment process. When you accept debit cards, PCI compliance also keeps personal data safe by using firewalls and patching systems.

When training your employees, arm them with complete security knowledge. All members of your staff should be aware of how to handle sensitive data and understand what it means to be PCI compliant. Keeping everyone educated on payment processing security can help improve current security implementation.

Accepting EMV payments
According to PYMNTS, Mercator Advisory Group anticipated that 58 percent of credit cards will be replaced by cards embedded with EMV chips by the end of 2015. It is crucial that your business adapts to the changing landscape of the payment processing industry.

Initial costs for implementing EMV technology in your business and potentially slower checkout times may be some of the challenges that lie ahead. However, the security, the convenience that you can offer and the fact that you'll be ahead of the curve may trump these obstacles.

EMV Connection noted that transactions involving cards with an EMV chip can be authorized both online and offline. Data is sent to the issuer, and the transaction is declined or accepted immediately. An offline transaction requires communication between the terminal and card, and specific guidelines determine whether to authorize a payment. Online transactions are currently the most common type that occurs.

By planning to accept credit and debit card payments according to EMV guidelines, you and your business will begin adapting to the new standard for payment processing.

Nexus: G-WEBCD1