What is EMV compliance

To answer the question of what is emv compliance, it is having POS software and credit card processing hardware that can support chip technology and meet EMV standards in order to comply with EMV.

EMV stands for Europay, Mastercard, Visa, and it is a set of standards for credit cards and debit cards to process financial transactions. These standards are used worldwide, but they are especially important in Europe and other countries that adopted the EMV standard. In the U.S., they are often referred to as chip cards.

These cards have an embedded computer chip instead of a magnetic strip. Counterfeit and lost and stolen credit card fraud represents significant cost to all participants in the payment process, including retailers, acquiring banks, card issuers and cardholders.

EMV chip technology was implemented in the credit card industry to help reduce this type of fraud for in-person transactions. The microchip in the credit card encrypts information to improve data security and is much more advanced than the traditional magnetic strip.

eMerchant provides the latest EMV chip technology in all of its retail terminals and POS systems.

What does EMV stand for? It’s an acronym for Europay, Mastercard, Visa, which are the three giants in the credit card industry. They were behind the movement add the microchip and chip readers to reduce credit card fraud losses.

What is EMV compliance? It is a requirement to issue EMV chip cards and utilize EMV chip readers for credit card transactions. By now, issuing financial institutions have migrated to cards with chips. Therefore, if a merchant does not have technology to read the chip (and requires the customer to swipe the card instead), they can be liable for any losses that may result if that card is counterfeit. Don’t take the risk!

eMerchant can provide you EMV compliant terminals and advise you on best practices for all of your payment security needs. Contact us today!