What is EMV?

EMV is a fraud-reducing technology that helps protect card issuers, merchants and consumers against losses from the use of counterfeit and lost or stolen payment cards at the point-of-sale. Prior to the EMV switch, a cardholder’s information was stored only on a magnetic stripe found on the back of the card. With EMV technology, cardholder information is also stored in a chip that is embedded in the card containing a unique password that changes each time the card is used for a purchase. Rather than swiping a card at the point of sale, customers will now insert their card into the terminal. To learn more about EMV Chip Cards, click here.

What Does This Mean for Merchants?

Prior to EMV, when an in-store transaction was conducted using a counterfeit, stolen or compromised card the payment processor or consumer’s bank was responsible for the losses. Today, the responsibility shifts to the party that is the least EMV compliant in the fraudulent charge. As a merchant, that means you could be responsible for the fraudulent charge if your payment terminal can’t process an EMV card transaction. We recommend all merchants become EMV compliant to reduce liability that may come from a fraudulent charge.

What are the Benefits of Switching to EMV technology?

  • Prevents shifts in liability to you, the merchant
  • Reduces counterfeit card fraud
  • Increases security
  • Enables cardholders to use secure EMV payment cards globally
  • Increases revenue through acceptance of international visitors’ cards as many international customers already have EMV cards
  • Supports the ways customers want to pay

How do I get an EMV payment terminal?

Contact your sales office for terminal or POS upgrade options.