Secure payment processing reduces need for EMV-chip cards
May 08, 2013

Companies that accept credit card payments through secure integrated payment systems do not need to worry about transaction security. However, many consumers are becoming aware of EMV-chip cards coming to the United States and staying informed about what EMV means can assist businesses in understanding how accepting debit and credit cards at the point of sale is an important strategy to drive sales.

Card issuers instituting security chips
According to Smart Card Alliance, EMV stands for the first three credit card issuers to institute chips in their cards - Eurocard, MasterCard and Visa - and the chips are embedded micro-processors with security features not often found on cards with just a magnetic strip. For example, the chip stores payment information onto the card and is unique to the individual card. EMV-enabled cards still have a magnetic strip and look like any other card, except companies that accept plastic can identify EMV cards by their small metallic chips on the front of the card, usually above the account number.

Because EMV has gained popularity among issuers in Europe and is making headway in the United States, consumers may start seeing chips come to their cards. EMV technology has already been implemented by some of the most popular credit card issuers and others have announced plans to do so.

Secure processing software offers consumers purchasing security
Rob Bertke, senior vice president of research and development at Sage Payment Solutions, recently recommended businesses take a few measures when accepting plastic to boost purchasing security. Bertke suggested companies position payment acceptance devices in a secure location where the business can monitor the equipment, as hackers often try to manipulate equipment for access to consumer financial information.

Organizations should also consider educating all employees on how to spot potential tampering of equipment and must also try to reduce the amount of stored credit card data to avert any payment card industry compliance risks. Bertke advises companies utilize payment processing with end-to-end encryption (E2EE), as the technology shuffles the data so that it cannot be read by an outside source.

Companies should invest in integrated payment processing that offers a secure method for purchasing transactions. Technology that uses E2EE already implements increased data protection that EMV-chip cards are said to present, and businesses should institute payment solutions to secure consumer financial information.

Nexus: G-WEBCD6