24 Oct 8 EMV Payment Processing Security Questions & Answers
Have you ever wondered what the debit or credit card chip does? That chip is the key to improving card security and reducing in-store payment fraud. EMV payment processing technology was created to add a layer of protection every time you or your patients use a card to make purchases.
EMV technology is one of the most effective payment processing security solutions businesses use today. In 2019, Visa® reported that 80% of US storefronts were now accepting chip cards, and counterfeit fraud dollars had dropped by 87% for merchants who had completed the upgrade to chip readers. The more businesses upgrade, the more security questions arise.
Below are 8 EMV payment processing security questions and answers to help you better understand the benefits of EMV technology.
1. What is EMV technology?
EMV is short for EuroPay®, MasterCard®, and Visa®—the companies that created this intelligent chip technology in debit and credit cards for in-person purchases or payments. EMV technology was introduced to the US in 2011 and has dramatically decreased fraudulent transactions. This standard helps protect your business and your patients from any fraud that may try to happen at your point of sale.
2. How do EMV chip cards fight fraud?
Using microchip technology, chip cards generate a one-time code for every credit and debit card payment. EMV makes it nearly impossible to create counterfeit cards for in-store transactions.
3. What are the main benefits of EMV-compliant devices?
- Reduces the risk of counterfeit card fraud through authentication of dynamic data generated by chip cards, smartphones, and other EMV-compliant devices.
- Helps build customer trust with a more secure and seamless transaction.
- Limits your fraud and chargeback risk.
- Gives you the ability to accept payment technologies and international cards that are already EMV-enabled.
4. Why should you use an EMV-enabled device?
Since October 2015, credit card counterfeit fraud liability has shifted to businesses that have not invested in EMV chip technology. Worldpay reports, “The merchant may be liable for any counterfeit fraud that occurs as a result of the transaction.” Eye care practices not using EMV are more likely to be held financially liable for fraudulent transactions.
5. Are chip cards safer than a magnetic stripe (or magstripe)?
Magnetic stripes on the back of credit and debit cards make it easier for criminals to copy cardholder data using “skimming” technology. Because EMV chips encrypt card data, it’s more difficult for criminals to steal data from physical cards and make counterfeit cards.
So businesses can continue processing transactions from magnetic stripe cards that are still on the market, chip-enabled terminals will continue to include magnetic stripe readers.
6. Why is EMV compliance important?
The US is one of the last major countries worldwide to adopt EMV, which has led to more credit and debit card fraud in the US.
7. Will EMV compliance always protect against stolen cards?
Not always. If someone steals the EMV card and the card owner has not deactivated the account with the issuing bank, the card can still be used with a forged signature. EMV cards come in two formats: “chip + PIN” and “chip + signature.”
Your responsibility is always to protect your business from security threats by paying close attention to spotting fraudulent activity.
8. Will you be able to accept new payment technologies with EMV?
Most new payment acceptance devices support EMV cards and process Near Field Communication (NFC) mobile transactions, such as Apple Pay™ and Android Pay™. Check with your payment solutions partner if you need to upgrade your credit card terminal or POS system.
Integrate Secure Payment Solutions with Your Eye Care Software
Stay ahead of payment security threats using a payment processing solution that includes EMV chip processing technology. As companies continue to digitalize transactions, it is vital for business owners and customers to understand how their payments are being protected.
First Insight understands how important it is for you and your patients to feel secure when doing business together. That’s why we are partners with Worldpay Integrated Payments, an industry-leading global payment processing provider. With this integration, MaximEyes.com makes it easier for you to accept payments confidently, knowing that every transaction is protected.
Contact us today for more information about MaximEyes.com, our all-in-one EHR, practice management, patient engagement, and optical point-of-sale solution. We’ll help you create an action plan and determine your potential return on investment.
Are you a current MaximEyes customer? Email firstname.lastname@example.org for more information on how to add Worldpay integrated payment solutions to your MaximEyes system. There are no additional fees to use the Worldpay integration within MaximEyes. However, you must have an “active contract” with Worldpay.