What is EMV?4229345

EMV represents EuroPay, MasterCard and Visa these founding members to the EMV global standard for interoperability of integrated circuit cards (IC cards) also referred to as chip and pin cards. The common was meant to replace magnetic stripe cards simply because they were very easy to copy and cause fraudulent transactions. The emv writer outline the procedures for physical, electrical, data and application interaction between IC cards and card readers. EMV ATMs, credit and debit cards have been implemented and therefore are now required for all released cards and businesses by using these devices. The magnetic chip included on these credit cards has shown to reduce fraud in face-to-face transactions wherever it has been implemented due to security level in the chip is superior to the magnetic stripe as well as the dependence on a pin prevents lost, stolen, or never received cards from being accessed.

Why EMV? EMV is not an standard for a specific country but is in fact an international global standard for inter-operation of credit cards and smart card chip readers. This technology is quickly becoming a standard for processing debit and credit cards in most major country on earth. Even slow to react countries such as Germany, Austria as well as the U . s . are suffering from implementation plans for either chip and signature or chip and pin cards. By using EMV smart card chip reader your organization helps prevent fraud and reduced charge-back's reducing the cost in your own business. The place to start? Begin with looking for an EMV smart card distributor in your town that delivers smart card readers which can be backward compatible. This gives your organization to still except magnetic stripe cards prior to the full changeover may be completed. These card readers will read both magnetic stripe and chip cards allowing the broadest range of people to manage to takes place payment technology. Depending on your organization there are several options for technological equipment. Banks and other card issuers will need different technology than retailers accepting payment. Credit card issuers will be needing a card personalization/issuance device, pin and signature change and/or management devices, pin changing software and encoding devices. Firms that require payment acceptance of such cards should upgrade their standard swipe devices to hybrid devices that accept both stripe and chip technology. Ensure that your technology is secure and up-to-date to prevent fraud in limit your exposure. As a new business for accepting debit and credit transactions your standard choice needs to be a hybrid card reading device allowing the widest array of people to frequent your establishment.