The Advantages Of Using Secure EMV Payment Processing Solutions
The EMV payment system is a global standard for carrying out secure credit and debit card transactions. EMV, which stands for Europay, MasterCard, and Visa cards, contains an embedded microprocessor chip that communicates with the terminal’s reader to generate a unique transaction code for each purchase.
This system also supports contactless transactions by wirelessly transmitting information using near-field communication (NFC). This article lists down the advantages that this payment processing solution offers to both merchants and customers alike.
Increase in counterfeit fraud detection rates
One of the primary benefits of using secure EMV processing methods is that it can detect counterfeit fraud efficiently and effectively. The payment solution professionals behind cardknox.com/emv/ suggest that you leverage this solution to detect fraudulent activities instantly. This can be attributed to the fact that these cards are difficult to clone or replicate since they can’t be done with just a simple skimming device alone.
Merchants also can create dynamic data for each transaction that is authorized. This means that they will use different codes per purchase, which makes it harder for hackers and cybercriminals who want to extract sensitive information.
Most credit cards with this technology also come with a built-in three-digit security code to provide additional protection against fraud and forging of signatures, as well as PIN codes for internet transactions. These heavy security measures will help ensure that fraudulent activities related to payments will be effectively detected promptly. This leads to the next benefit listed below, which is improved data security.
Improved data security
EMVs are known to provide better protection against unauthorized transactions and leaks of personal financial details, which makes it more secure for merchants who have it implemented. This standard has been adopted by the card brands as well as thousands of merchant locations, making them a reliable tool that can be used across multiple channels. Using this technology offers security benefits like dynamic authentication or encryption while protecting consumer privacy in transaction processes with compatible terminals.
Faster transaction speed
Another benefit of EMV payment processing solutions is that they are known to increase the overall transaction time by allowing merchants to verify customer identities faster using card authentication methods such as PIN or signature. These cards have also been proven effective against fraud since they can provide accurate verification through specific codes.
Increased protection against lost or stolen cards
With EMV payment processing solutions, you will have increased protection against lost or stolen cards. The technology has made it possible to read data directly from the chip, instead of using a magnetic strip, which makes transactions more secure and safer for customers.
An EMV chip can only be used once per transaction for a limited amount of money – after that, it becomes useless, so there is no point in stealing the data in this chip. When you lose your card, these types of processing solutions can reduce the risk of fraud by immediately blocking the cards that are reported as missing.
The EMV standard is the most widely used global payment processing solution. These transaction cards, or chip cards as they are often called after the integrated circuit chips that make up their core data processing technology, represent a safe and secure way to pay. These are used in more than 80 countries around the world today.
Secure transactions are now the standard in most countries. If your business needs to be able to accept these kinds of transactions, your card processing solution must offer these payment acceptance capabilities as well. Visa and MasterCard have already announced that they will no longer support magnetic stripe-based credit cards after October 2015. Other worldwide debit and credit card issuers will likely do the same around that time.
EMV is already available for many payment cards issued in the United States, and it’s only a matter of time before this becomes as ubiquitous as magnetic stripe all over the globe as well, so if your business does not offer this kind of secure processing solution yet, now would be an excellent time to upgrade.
EMV offers greater security than traditional magnetic stripe payment cards because they use cryptographic keys to protect information during processing instead of using a simple, single-track magnetic stripe used by traditional credit and debit cards. The chip transaction processing also generates unique transaction codes with every single purchase. This means that if a hacker manages to obtain any card data, it is useless for future transactions without the physical payment card itself being present at the time of each additional attempted fraudulent purchase.
Secure processing with POS software
If you are looking for a payment processing solution, check out the EMV capable POS (Point of Sale) software with complete EMV based solutions that work great with all-inclusive eCommerce web design services as well. This processing software provides all the benefits of offline card transactions, but it also makes them possible to process securely online as well.
The EMV technology is also cost-effective compared to the traditional credit card solution. The innovative cards are equipped with microprocessors, which makes them cheaper to produce. Using this solution is also incredibly easy for merchants who already implement traditional payment processing. EMV solutions can be processed using existing readers and terminals, as well as the same POS software used for other types of transactions, such as credit or debit card purchases.
All these advantages make EMV card payments a popular alternative to magnetic stripe credit or debit cards. This is why your business needs to have these merchant services available, so you don’t lose customers who prefer this type of secure payment.
With the EMV standard, consumers can expect to see higher levels of security and fraud protection. Not only will this help reduce fraud and identity theft throughout the world, but it will also provide merchants with several benefits that may not have been realized before. If you are looking for an easy way to stay compliant to avoid penalties or fines when using credit cards at your business, there is no better time than now!