With everyone receiving these new EMV credit cards, your business should be ready to accept them - Netcom PaySystem
Chances are, you are one of the 120 million Americans who have already received your EMV credit card and if not, there is a good chance that you will be receiving one shortly. Approximately 600 million Americans will receive one by the end of 2015, according to Smart Card Alliance estimates.
The most common misconception is that you will not be able to accept these "EMV credit cards" with the terminal you have now, and that is simply not correct. You will still be able to accept EMV credit cards, however if you (the merchant) has not upgraded your POS to EMV terminal, liability for fraudulent transactions will shift from the credit card provider to the merchant. Meaning if any fraudulent transactions occur, you will be responsible and not the credit card provider, which could become very costly, very fast. Its almost like driving your car without insurance.
Netcom PaySystem can provide state of the art EMV ready equipment at your discretion.
In case you haven’t heard our announcement last month, Netcom PaySystem now offers many payment solutions that incorporate EMV payment capability. This means that merchants will now have devices they need to be EMV capable – delivering the latest in fraud prevention technology.
EMV is an abbreviation for Europay, MasterCard and Visa and is a payment standard for processing credit card and debit card transactions. EMV cards may also be referred to as smart cards or chip cards. EMV cards all have a microprocessor embed within the card, which provides an exceptional transaction security that was simply not possible with traditional magnetic stripe cards.
Why is EMV being implicated
EMV is being implicated to weed out “FAKE” cards only. This is done by the chip in the card. It is impossible to duplicate the chip therefore eliminating fake cards rotating in the system.
Who Needs to be EMV compliant
ONLY SWIPE CARD PRESENT MERCHANTS who are vulnerable to a fake card being swiped. At this time, tips cannot be adjusted with EMV terminals so this does not apply to a restaurant applications as well.
If you are one of these merchants please continue to read below:
Are there any implications if I do not have an EMV terminal and need one?
Yes, the liability now falls on merchants as of October 1st, 2015.
We have provided a list below of EMV compliant terminals that we currently offer.
FACTs about EMV & your business...
- EMV is not MANDATORY; but rather a suggested business practice.
- You DO NOT need to purchase expensive equipment by October 1st, 2015 in order to continue processing.
- You WILL NOT lose business if you’re not set up for Chip and Pin transactions, as
the mag stripe will still function as designed.
- Netcom PaySystem WILL NOT increase your processing rates if you’re not EMV ready by October 1st, 2015.
- eCommerce or Card Not Present customers DO NOT follow the same guidelines as Face to Face.
- Although not mandated, Netcom can provide state of the art EMV ready equipment at your discretion. If you’re ready, so are we!
About Netcom PaySystem
To learn more about Netcom PaySystem payment processing solutions, simply fill out this quick online application to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680 or by email at firstname.lastname@example.org.
Netcom PaySystem prides itself on being as eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, EMV Capability, ISV/SDK and Virtual Terminal Solutions. In addition, the company offers the merchant access to POS Systems, eCommerce, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital.
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