What is EMV?
EMV stands for Europay, MasterCard, and Visa, is a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.
Over the past few months you may have received a new card with the EMV
How does EMV work?
EMV uses an integrated chip embedded in the card to hold all the cardholder information previously stored on the magnetic stripe.
It’s goal is to reduce duplicate or stolen/lost card fraud.
Rather than swiping the magnetic stripe on your card through the magnetic stripe reader on a terminal, customers insert the card into the chip reader to the enable the POS equipment to interact with the chip in the card. The card must stay inserted through the entire transaction.
What equipment upgrades are necessary?
Utilizing a new EMV capable device/terminal- with a chip slot- will ensure that the merchant can accept a chip card if one is presented.
Once EMV capable applications are enabled you will be ready to use a chip card. These chip cards will still have the magnetic stripe on the back for the foreseeable future. Most of these devices will allow contactless payments (Apple Pay, Google Pay).
Does Syrasoft support EMV?
Yes! Our directly integrated processors are currently developing EMV solutions or have already done so. Please check our vendors page to view the selection of EMV ready processors.
What if I Don’t Switch to EMV?
Due to a switch in liability that many payment processing companies have announced vendors who do not make the switch from magnetic strip to EMV may be liable for some fraudulent charges that occur at their place of business.
We recommend contacting your payment processor to find out the details as they pertain to your account and the hardware your organization is using.