Credit card fraud in the United States has led to increased credit card security. One of the most recent and important adaptations to credit card technology is the use of Europay, MasterCard, and Visa (EMV) cards.
EMV cards, also known as “chip” cards, are a new card technology that uses a chip to interact with terminals to increase security and reduce credit fraud. The chips use encryption and require point-of-sales terminals or close proximity to contactless terminals. This increases card security compared to magnetic strip cards, which are authenticated via signature and are far more susceptible to theft and misuse.
Although EMV cards are named after the companies that originally started the technology, American Express, JCB, Discover and UnionPay are also using the cards. The widespread acceptance of the new technology, combined with the mandate requiring merchants to adopt EMV-compatible terminals by October 2015, will result in their widespread use in the US very soon.
As of October 2015, merchants will be required to provide EMV-compatible point-of-sales terminals. Merchants that comply with the mandate will not be liable for credit card fraud and their processors will maintain liability. Merchants that choose not to comply with the mandat
At 99 Merchant Account, we provide terminals that are EMV-compatible so that you don’t have to update your machines anytime soon. Along with our wholesale rates, the increased security gives small businesses the peace of mind that they aren’t taking on increased risks or paying unnecessary fees.