Why do we need EMV Chip Card Terminal?

EMV is short for Euro pay, MasterCard and Visa, the architects of the chip based smart card or chip cards. The smart card made its entry into the market for the first time in 1995 and since then they have become an integral part of every business. After its initial release it has been updated multiple times and the present version is 4.3 which are being used in almost every corner of the world.

Why do we need them?

The first thing is they offer improved security than traditional cards. They have a reduced fraud risk and also better offline credit card transactions.  EMV support more number of CVMs short for cardholder verification methods. This automatically improves the overall security and also allowing users to access offline transactions.

CVM features

·         Signature

·         Offline plaintext PIN

·         Offline enciphered PIN

·         Offline plaintext PIN and signature

·         Offline enciphered PIN and signature

·         Offline PIN

 

So, for enhanced security and prevent fraudulent cases, it is must that every merchant or card issuer must quickly adapt the new technology.

What if a merchant doesn’t adapt to the new EMV technology?

The reason the industry is adopting the EMV cards it because of the rising fraud cases. Therefore Visa, MasterCard and all other smart card companies have released the liability shift dates for credit card transactions. Beyond that if any merchant or smart card issuer who will not support EMV chip technology can be charged a counterfeit fraud.

After the dates for the liability shift are gone, and the merchant has not espoused to the use of a certified terminal for chip card acceptance then the merchant can be charged for a fraud case.

What is to be done with Smart Cards Now?

The best idea for all the  merchants is to shift to an EMV-capable credit card terminal .Some of them might be with the notion that technology may improve with time as always but you need to really protect yourself from extortion. So, it’s the time you should thinking very seriously about it.

Investing some hundred dollars for a new terminal will bring you more than peace of mind. So, the investment is worth it.

So, do not think about your old cards, just plan to invest in the new ones.