EMV is a new global standard for credit and debit payment cards based on chip card technology. Widely used in Europe and Canada there are over 1.65 Billion EMV-compliant payment cards in circulation today. Payment chip cards contain an embedded microprocessor. The square on the front of the card is known as the card’s contact point. A microprocessor chip is embedded in a small space directly behind the contact plate. When inserted into a credit card processing terminal it will process the payment through the secured EMV network.
Important EMV "Chip Card" Facts
- Most USA based businesses have outdated POS equipment which cannot process EMV chip cards
- By not accepting EMV chip cards you greatly increase your risk of financial losses due to fraud
- The USA is one of the last global markets to implement EMV chip card technology
- Accepting EMV chip cards is much more cost effective and secure than the traditional "mag stripe" swiped method
- Bravertek offers EMV chip card enabled POS terminals through our trusted network of merchant account providers
- New legislation in the USA now places fraud liability on merchants who do not accept EMV chip cards
How to Process an EMV "Chip Card" payment
An EMV chip card is inserted into a front loading slot on an EMV equipped POS terminal. The machine will read the cards chip or contact point and securely encrypt the data and immediately process the payment through the EMV network.
EMV chip card reader equipped POS terminals are inexpensive and should not be overlooked when upgrading your payment acceptance methods. You will also gain the loyalty and trust of customers choosing to utilize this more secure payment method.
EMV chip card reader equipped POS terminals are inexpensive and should not be overlooked when upgrading your payment acceptance methods. You will also gain the loyalty and trust of customers choosing to utilize this more secure payment method.