![]() With that in mind, EMV may not be beneficial when balanced against the cost of the new equipment and the need to acclimate employees and customers to a new model of handling credit card transactions. EMV will primarily benefit merchants that sell physical goods (especially high-ticket items) as compared to those accepting cards for services (e.g., health clinics taking co-pays, food vendors, event organizers, etc.). Most U-M merchants that choose not to implement EMV will not face significant levels of additional risk due to the type of business they transact. The risk protection offered to merchants by EMV is fairly narrow, since other types of chargebacks, like disputed credit card transactions from lost or stolen cards, or dissatisfaction with a product or service are not protected. After October, merchants that have not implemented EMV could be responsible for these charges. Currently, if a merchant processes a counterfeit (reproduced or cloned) credit card, the fraudulent activity from the sale is generally absorbed by the bank. The chip makes duplicating a card for fraudulent purposes much more difficult. In addition, PCI compliance is not affected by implementing-or not implementing-EMV. ![]() Merchants across the country will begin using EMV in October 2015, but its use is optional, depending on risk level assumed by the merchant. Instead of swiping credit cards, a process that uses information stored on a magnetic strip for the transaction, consumers insert their credit cards into a special EMV terminal that reads information from a chip implanted in the card itself.ĮMV only benefits those merchants conducting in-person transactions and doesn’t provide any additional security to organizations that may sell merchandise via phone, mail, or through a website. As you may know, EMV-an abbreviation for Europay, MasterCard and Visa-is an alternative and more secure manner of processing in-person credit card payments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |