An EMV credit card chip is actually a super-small computer that’s extremely hard to counterfeit.
Chip cards, on the other hand, are way more secure. This is because magnetic-stripe cards use an outdated technology and easy for fraudsters to counterfeit.
In fact, even though the United States has a quarter of the world’s credit card transactions, almost half of the world’s credit card fraud happens here. The United States is switching over to chip cards in an effort to curb credit card fraud. Order your reader now Why are we switching to EMV? If you have questions about your credit card and whether it’s EMV-compliant, contact your issuing bank. But the vast (vast) majority of credit cards that have chips are EMV-compliant. In this guide we’ll explain what EMV is, how credit card chips work, the liability shift and what it means for your business, and how you can protect yourself and accept chip cards and NFC payments.Īre all credit cards with chips EMV-compliant? The Square contactless and chip reader accepts EMV and NFC payments like Apple Pay, protects you from the liability shift, and is just $49. And because any EMV card discussion usually mentions “fraud” and “liability,” it’s natural that it could put small business owners on edge.īut, rest easy-we’ve got you covered. There’s a lot of information to sift through. (This is something called the “liability shift,” which we’ll go into below).Īs you might imagine, EMV is a pretty hot topic right now. And as of October 2015, businesses that don’t have an EMV processing device could be on the hook for fraudulent chip card transactions. So how exactly will this affect your business? For starters, you’ll need a new processing device to read the information in the chip cards. This is important since the United States has a pretty serious issue with credit card fraud. EMV chips encrypt bank information making it far more secure than the old magstripe cards. But what exactly is EMV? EMV or chip cards, are the new, more secure credit cards we’re currently transitioning to in the U.S. Banks are issuing new credit cards with EMV chips. The nationwide EMV migration is well underway. When will you need an EMV reader or terminal?ĮMV vs. So we’ll walk you through everything you need to know. EMV® - developed and managed by American Express, Discover, JCB, Mastercard, UnionPay, and Visa - is a global standard for credit cards that uses computer chips to authenticate (and secure) chip-card transactions.
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