What is EMV?
What is EMV?
How Does EMV Work?
What Equipment is Needed to Process an EMV Transaction?
What is the Difference Between EMV Ready and EMV Capable Equipment?
How Do I Know if My Current Equipment is EMV Ready or Capable?
When Do I have to Upgrade My Equipment?
Will My Current Equipment Work, AS IS, After the EMV Implementation Deadline?
What Does New EMV Equipment Cost?
What About Free Equipment Offers?
What is NFC?

I Am Opening a New Business, Should I Purchase EMV Equipment?
What is EMV? EMV® is a global standard for credit and debit payment cards based on chip card technology taking its name from the card schemes Europay, MasterCard, and Visa that developed it. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip at a payment terminal.

How Does EMV Work? A programmed microprocessor chip is embedded in a standard plastic credit card behind gold plated conductive contacts on the front of the card. The chip is "powered up" when the card is inserted into an EMV reader, which engages the contacts or via radio frequency (RF). The reader sends a command to the card, which sends a response to authenticate the card. The sophistication of the processor and data capacity of the chip allow it to incorporate - and generate - security features and safeguards that magnetic stripe cards cannot.

What Equipment is Needed to Process an EMV transaction? An EMV reader is required. Readers can be built into the body of a credit card terminal or an accessory attached to a terminal. In addition Pin Pads and NFC readers may be needed depending on the final standards set by the bankcard associations.

What is the Difference Between EMV Ready and EMV Capable Equipment? Sometimes these terms are used interchangeably. Typically EMV ready means the terminal has an EMV reader built into it. EMV capable generally describes a terminal that with the addition of an EMV reader can process EMV cards. Both Ready and Capable terminals will require at least one software update prior to processing EMC cards.

How do I Know if My Current Equipment is EMV Ready or Capable?
If it over two years old it probably isn’t. Some new terminals can be upgraded via software and/or the addition of an EMV card Reader. Fill out this form and we will let you know if your equipment is ready or capable. You should also know that all processors do not support all models of EMV equipment.
(When an email address is provided it will not be sold or used for any marketing or newsletter purposes without your permission)

When Do I Have to Upgrade My Equipment? As it stands now October 2015, the liability will shift to acquirers for domestic and cross-border counterfeit fraud card-present POS transactions if the merchant does not have an EMV-enabled POS device. It is expected that the acquirers will further shift the liability to the merchants. When the liability shifts to the merchants it means that if an EMV card is presented to a business that does not have EMV equipment and it is determined that a transaction is fraudulent the business will be liable for the fraudulent charges. Those that have made the investment in secure EMV options are protected from financial liability for card-present fraud losses for both counterfeit and lost, stolen and non-receipt fraud on this date. Every business should evaluate the potential exposure to this new liability and the cost of EMV equipment with the assistance of a trusted merchant service provider.

Will My Current Equipment Work, AS IS, After the EMV Implementation Deadline? It will for a time, but will be eventually phased out in favor of the more secure model.  Each acquirer/processor makes the final determination of which terminals they will provide and support for their customers.

What does new equipment cost? Including the cost of programming and shipping new EMV countertop terminals may be priced start around $200 and go up. The addition of an encrypted Pin Pad, if necessary, could be $100 to $350. Businesses using Point of Sales Systems will require software updates and EMV readers.

What About Free Equipment Offers? “Credit card processing is a for-profit business, and the average machine costs a processor anywhere from $100 to $300. If a processor provides a business with a free machine, it begins the relationship at a loss equal to the value of the terminal. Losing money is bad for business, so the processor must recoup the cost of the terminal as quickly as possible to make their business profitable. In order to do so, it will employ any number of tactics from excessive surcharging, to raising rates, to adding fees. The only benefit to receiving a free machine is the lack of initial expense when opening a new processing account. But it's a benefit that is quickly eclipsed by the excessive fees that are soon to follow. Receiving a free machine isn't as costly as leasing a credit card machine, it's just the lesser of two evils.” (Cardfellow.com)

What is NFC? Near Field Communication (NFC) is a short-range communication technology that enables devices to exchange information with other NFC-enabled devices or certain NFC supporting cards, much like the way a card reader scans and reads a credit card. NFC does not currently support EMV transactions but mostly will in the future. NFC is built into some smartphones.

I Am Opening a New Business, Should I Purchase EMV Equipment? Yes.
What is EMV?
What is EMV?
How Does EMV Work?
What Equipment is Needed to Process an EMV Transaction?
What is the Difference Between EMV Ready and EMV Capable Equipment?
How Do I Know if My Current Equipment is EMV Ready or Capable?
When Do I have to Upgrade My Equipment?
Will My Current Equipment Work, AS IS, After the EMV Implementation Deadline?
What Does New EMV Equipment Cost?
What About Free Equipment Offers?
What is NFC?

I Am Opening a New Business, Should I Purchase EMV Equipment?
What is EMV? EMV® is a global standard for credit and debit payment cards based on chip card technology taking its name from the card schemes Europay, MasterCard, and Visa that developed it. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip at a payment terminal.

How Does EMV Work? A programmed microprocessor chip is embedded in a standard plastic credit card behind gold plated conductive contacts on the front of the card. The chip is "powered up" when the card is inserted into an EMV reader, which engages the contacts or via radio frequency (RF). The reader sends a command to the card, which sends a response to authenticate the card. The sophistication of the processor and data capacity of the chip allow it to incorporate - and generate - security features and safeguards that magnetic stripe cards cannot.

What Equipment is Needed to Process an EMV transaction? An EMV reader is required. Readers can be built into the body of a credit card terminal or an accessory attached to a terminal. In addition Pin Pads and NFC readers may be needed depending on the final standards set by the bankcard associations.

What is the Difference Between EMV Ready and EMV Capable Equipment? Sometimes these terms are used interchangeably. Typically EMV ready means the terminal has an EMV reader built into it. EMV capable generally describes a terminal that with the addition of an EMV reader can process EMV cards. Both Ready and Capable terminals will require at least one software update prior to processing EMC cards.

How do I Know if My Current Equipment is EMV Ready or Capable?
If it over two years old it probably isn’t. Some new terminals can be upgraded via software and/or the addition of an EMV card Reader. Fill out this form and we will let you know if your equipment is ready or capable. You should also know that all processors do not support all models of EMV equipment.
(When an email address is provided it will not be sold or used for any marketing or newsletter purposes without your permission)

When Do I Have to Upgrade My Equipment? As it stands now October 2015, the liability will shift to acquirers for domestic and cross-border counterfeit fraud card-present POS transactions if the merchant does not have an EMV-enabled POS device. It is expected that the acquirers will further shift the liability to the merchants. When the liability shifts to the merchants it means that if an EMV card is presented to a business that does not have EMV equipment and it is determined that a transaction is fraudulent the business will be liable for the fraudulent charges. Those that have made the investment in secure EMV options are protected from financial liability for card-present fraud losses for both counterfeit and lost, stolen and non-receipt fraud on this date. Every business should evaluate the potential exposure to this new liability and the cost of EMV equipment with the assistance of a trusted merchant service provider.

Will My Current Equipment Work, AS IS, After the EMV Implementation Deadline? It will for a time, but will be eventually phased out in favor of the more secure model.  Each acquirer/processor makes the final determination of which terminals they will provide and support for their customers.

What does new equipment cost? Including the cost of programming and shipping new EMV countertop terminals may be priced start around $200 and go up. The addition of an encrypted Pin Pad, if necessary, could be $100 to $350. Businesses using Point of Sales Systems will require software updates and EMV readers.

What About Free Equipment Offers? “Credit card processing is a for-profit business, and the average machine costs a processor anywhere from $100 to $300. If a processor provides a business with a free machine, it begins the relationship at a loss equal to the value of the terminal. Losing money is bad for business, so the processor must recoup the cost of the terminal as quickly as possible to make their business profitable. In order to do so, it will employ any number of tactics from excessive surcharging, to raising rates, to adding fees. The only benefit to receiving a free machine is the lack of initial expense when opening a new processing account. But it's a benefit that is quickly eclipsed by the excessive fees that are soon to follow. Receiving a free machine isn't as costly as leasing a credit card machine, it's just the lesser of two evils.” (Cardfellow.com)

What is NFC? Near Field Communication (NFC) is a short-range communication technology that enables devices to exchange information with other NFC-enabled devices or certain NFC supporting cards, much like the way a card reader scans and reads a credit card. NFC does not currently support EMV transactions but mostly will in the future. NFC is built into some smartphones.

I Am Opening a New Business, Should I Purchase EMV Equipment? Yes.
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