EMV and NFC terminals and your business EMV “Compliance”
EMV stands for EuroPay/MasterCard/Visa and is a “solution” developed by these players and a separate standards council which gained traction in 2014 and was finally implemented in 2015. October 1, 2015 was the first deadline for all regular retail merchants to upgrade their terminals to accept EMV. Bank ATMs have an October 2016 deadline and gas stations (pump readers) have until October 2017 to upgrade their equipment.
Card Issuers invested hundreds of millions of dollars in reissuing many millions of credit and debit cards with the “chip” technology. This changed the age old “swipe the card” and required a new card reader to read, accept and process the data from the computer chips embedded in the new cards.
This results in a more encrypted, more protected transaction, which in the end protects the cardholder and business from the high cost of data breeches and transaction exposure. For all the pain – there is some gain.
Understanding NFC and its potential for business development for you
NFC stands for Near Field Communication and it is another technology which has been quietly making its way into the market. It is related to EMV and uses highly encrypted data methods to collect cardholder data from the card or mobile phone and send them off to a processor for rapid authorizations. This is typically faster, and just as secure, as an EMV transaction. And, mobile phone payment technology is speeding ahead with ApplePay, Android Pay, Google Pay, Samsung Pay, etc. All these will be taking the place of a card and even the wallet will now be electronic – in your mobile phone. And, it will be more convenient, and save having to carry a wallet everywhere.
The world is changing. We help you stay in touch and stay compliant. If you have one of several Verifone or Ingenico terminal models which UMS provides, which have built in NFC capabilities, contact firstname.lastname@example.org for assistance to bring it live or to upgrade your older terminal.
End to end encryption and transaction tokenization are also part of these newer technologies. AND, they ARE helping a lot, to stem the increasing tide and cost of data breeches and losses. A small investment now will protect you and your clients for the long term.