When we talk about EMV, what do we mean? EMV stands for Europay, Mastercard, and Visa — the three companies that originally created a global security standard for credit cards. This standard is now managed by EVMCo, a consortium with control split equally between Visa, Mastercard, JCB, American Express, China UnionPay, and Discover.
Secure Merchant Processing Solutions
As a part of merchant processing, EMV chip card transactions are designed to improve security against fraud. They use computer chips in order to authenticate and secure credit card transactions and reduce theft and fraud. Initially, security was done through magnetic stripe card transactions that relied on the holder’s signature and visual inspection of the card. Now, the embedded chip communicates with the reader securely. This increased fraud protection allows credit card issuers and banks to push through a liability shift — meaning that merchants are now liable for any fraud that results from transactions on systems that are not EMV-compatible.
Whatever business you’re in, you’ll need protection built into your merchant processing solution, and Merchant Payment Services is here to help. More than 27 years of experience means we have a wide variety of services to offer, including free EMV compatible devices with merchant processing and fraud prevention. These EMV compatible devices also stop chargebacks from counterfeit cards and have the means to take Apple Pay, Google Wallet, or any other NFC payment application. Ready to schedule a free consultation? Contact us online or by phone today to get started.