When processing a credit card payment, especially offline, EMV technology offers better security against fraud from counterfeit, lost, and stolen cards.Ģ. What Are the Benefits of Chip (EMV) Technology?Ĭhip technology has three major benefits over the older, magnetic strip technology.ġ. But it will help you understand the value of EMV technology. Granted, this is a simplified explanation of the two technologies. When an EMV credit card is placed into an EMV terminal, the contact plate lets the chip connect to and exchange data with the on-site terminal. Some cards require a pin number for authorization (referred to as “Chip and Pin”), while other cards require a signature (referred to as “Chip and Signature”).
EMV CREDIT CARD MACHINES VERIFICATION
This chip contains the cardholder’s information, along with the cardholder verification method. The cardholder’s data is stored on a micro-computer processor embedded in the credit card behind a gold contact plate, and protected by a thin resin layer. Simply stated, chip-embedded technology was developed so store owners could verify card holder information on their own point-of-purchase terminal. In Europe and other countries around the world, on-line access is not always available, or affordable to merchants, so most credit card payment transactions are done off-line.
EMV CREDIT CARD MACHINES CODE
This magnetic stripe stores basic customer data, and with a simple swipe of the card at a payment terminal this information is transmitted to the issuing bank for authorization and you get an approval code back, all in just seconds. If you’re a merchant doing business in the United States, you’re most familiar with credit cards that have a traditional magnetic stripe on the back. Let’s start with the difference between the two types of credit cards. That’s a lot of information to throw at you in a few sentences, isn’t it? So, let’s break it down. Compliance with this standard ensures merchant credit card terminals are universally compatible with credit cards embedded with these microchips to provide greater security against fraud.
What Happens If I’m Not EMV Ready By The October Deadline?ĮMV, taken from the initials of the developers Europay, Mastercardand Visa, is a technical standard for processing credit card payments being adopted around the world based on embedded-chip technology verses the old credit card magnetic stripe.What Is The Difference Between Debit Cards and Credit Cards?.
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