What You Need to Know About an EMV Card Reader
Do you desire to learn about what is an EMV card reader? If so, the different facts associated with EMV card readers covered in this write- up can assist with your needs. EMV refers to a payment technique based upon a unique system for various smart payment cards and automated teller machines which can accept them. Also known as IC cards or chip cards, EMV cards are considered smart cards which store data on magnetic stripes and integrated circuits.
Payment cards complying with the EMV system are called Chip and Signature or Chip and Pin cards, named based upon the authentication techniques applied by the card provider. There are a variety of advantages you’ll be associated with if you will choose to utilize accordingly an EMV card, which makes the need of using the device come handy.
Benefits of an EMV Card Reader
If you are a business person, considering installing the device will make you encounter numerous merits including the following:
1. Protecting your Clients
Having with you a chip card reader means your customers will not be required to swipe their debit or credit cards when seeking for your services and items for sale. Instead, your clients will require inserting their cards into the reader.
Any time your customers make use of an EMV card reader, every transaction taking place will create a one- time code that is very difficult to counterfeit. Therefore, courtesy of using EMV card reader, your customers will be safe and confident any time they are using a cashless paying option for your services and products.
2. Avoiding Liability for Fraud
An EMV card reader will eliminate the likelihood of you being associated with liability for chargebacks. Generally, in case forged or stolen chip cards are used in POS terminals that are not certified, the responsibility of the resulting fraud is passed to the merchant. Therefore, in case you become a victim of this, i.e. a person uses a forged or stolen chip card in your non- certified POS terminal, you will be required to pay chargeback fees.
However, having a certified EMV device means the liability of fraud will fall on your customer’s card issuer.
Why an EMV Card is Much Secure than a Traditional Card
The magnetic stripes present on the traditional debit and credit cards store has unchanging data. This means that any person that has the capacity of accessing that data can obtain any sensitive information of the card and cardholder and make a purchase. Therefore, this makes the traditional tickets to be more susceptible to fraud.
However, with an EMV card, once any payment is created, the card chip makes a transaction code which is unique and thus cannot be reutilized. Therefore, in case a hacker steals the chip info from a particular point of sale, be assured that typical duplication will not work. This is because the specific stolen transaction number made in that instance cannot be usable again.
Make sure you utilize the EMV technology if you want to get rid of the risk of fraud occurring during card- present transactions as well as be able to benefit from other merits that an EMV card offers.
Thank you the MA® Team
Eli, O CEO