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FasTraxPOS | EMV Credit Card Mandate
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FasTraxPOS
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Are you ready for EMV?

For anyone who accepts credit or debit cards, October 2015 means the implementation of new EMV payment solutions in the United States. Smart cards that were developed to counter increasing credit card fraud have been used in the rest of the world for many years and now the issuers are instituting American adoption of the technology.

Data security is now one of the prime concerns for merchants who take credit and debit cards. Today’s consumers are more educated about credit card fraud being on the rise and they have come to expect increased protection from the merchants they trust with their payment transactions.

Consumer perception that merchants are the problem in credit card fraud and data security breaches is an image retailers must face in an attempt to restore the trust consumers once held. In fact, consumers are willing to make changes to better protect themselves. 63% (TSYS Consumer Awareness Data Security Study)of consumers said they are likely to switch to accounts that had stronger security features with 71% stating they would switch in order to guarantee that they would be reimbursed for data security costs.

Fraud liability will shift to merchants

The credit card issuing companies are aware of the increased costs associated with fraud and for many years most of the rest of the world have used embedded microelectronic chips in “smart cards” for added security. These EMV (or commonly referred to as "chip and pin") cards are now coming to the United States.  

To expedite acceptance of EMV payment solutions in the USA, the major credit card issuing companies - Visa, MasterCard, American Express and Discover - have set hard dates when non-compliance will result in a major shift in financial liability to merchants. At the moment, it is the credit card issuer who carries the liability for fraud. In October 2015, credit card issuers will shift that liability to any merchants who do not use EMV payment solutions. 

With over $11 Billion in credit card fraud losses in the year 2013, this can represent potentially large numbers for any business. Instituting EMV payment solutions is certainly a much smarter alternative to the liability of credit card fraud.

 

Benefits of EMV

Fraud Protection
  • The chip in which EMV cards store payment information is much more secure than magnetic strips that can be remotely read
  • Counterfeiting smart cards is far more difficult making card authentication more secure
  • With so much more sophisticated technology embedded in the card, authenticating the cardholder to protect against lost or stolen cards is more reliable
  • Cryptograms are used for an onsite immediate digital signature that provides transaction non-repudiation
New Payment Platforms

Another rapidly changing force in the retail universe is the introduction of many new payment platforms such as 
ApplePay™, Google Wallet, and the NFC standard. Consumers, especially those under 35, are transferring many financial functions to their smart phones. A recent consumer payments research study by financial services company TSYS showed that a full 48% of respondents were willing to use their phones to make in-store credit card purchases.
 
The EMV payment solutions are designed to work with multiple platforms beyond standard card readers. Additional securities the EMV system provides add value to a market that is rapidly growing.

How is FasTrax affected?

Not at all!

We will continue to meet and exceed our requirements for integrated payment solutions thus allowing you to operate securely while benefiting from the latest in payment technologies!

If you interested in utilizing integrated card processing via your FasTrax POS, please contact us to discuss your options.

 
If you have any questions about this mandate or need to know where to start, please feel free to contact us at 256.319.3470!

You can do this!

Transitioning to new EMV payment solutions by October of this year may sound like a daunting proposition, but in fact, the EMV mandate is actually an opportunity to gain substantial benefits for you and your customers.

Give your customers peace of mind by using the strongest security system available today for processing credit and debit card transactions all while protecting your investments. 


 
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