Coming in 2015 Visa and MasterCard are switching to a chip based credit card (EMV) instead of magnetic strips. This will dramatically lower the amount of stolen credit cards and fraud. The major advantage to using a chip based credit card is that it is nearly impossible to counterfeit. Each transaction has a unique “value” assigned to it. Even if the credit card is counterfeited, because of this unique “value” the card creates the transaction will be automatically rejected.
This standard has been adopted in over 130 countries with the United States following quickly. Over 1.34 billion EMV compliant credit and debit cards have already been issued by Visa and MasterCard. When the EMV standard is enforced by the major credit cards, liability of the sale moves from the card issuer to the merchant if the merchant used the magnetic strip as the swipe method. This will increase the risk of liability to the merchant who have chosen not to make the switch to new EMV compliant terminals.
Securus Payments offers multiple terminals that will allow your company to be in compliance when chip based card transaction will be enforced. Being just a year away get your business up to standard now, so that the transition will be seamless with no downtime. By being compliant your company will cut costs significantly in terms of fraud.
To inquire or take advantage of our new chip based card terminals please call us at 1-866-649-1324 or email us: email@example.com