EMV Technology
EMV technology – What does it mean for your business?
What is EMV technology?
EMV chip card technology is the new standard for smart cards in face-to-face or card-not-present transactions. In contrast to traditional magnetic strip memory storage, which has limited utility when it comes to security checks, EMV chip technology can store a larger amount of information, facilitating the potential for more detailed security and authorization measures. The result has been a dramatic increase in anti-fraud protection which means that EMV technology is quickly changing from a ‘should-have’ to a ‘must-have’ for all businesses.
Does EMV processing benefit all business types?
Due to the large amount of information that can exchanged, face-to-face transactions have become much more secure and naturally this will benefit you if you have a bricks-and-mortar style business. However, each of the companies responsible for originally developing EMV chip card technology (Europay, MasterCard and Visa, the first letters of which give the technology its name) have designed their own security measures for card-not-present transactions. This means that EMV security benefits e-commerce business models as well.
How complicated is it to implement EMV chip card technology?
Due to the large amount of information that can exchanged, face-to-face transactions have become much more secure and naturally this will benefit you if you have a bricks-and-mortar style business. However, each of the companies responsible for originally developing EMV chip card technology (Europay, MasterCard and Visa, the first letters of which give the technology its name) have designed their own security measures for card-not-present transactions. This means that EMV security benefits e-commerce business models as well.