What Is EMV?
What Does EMV Stand For? Why Does It Matter?
EMV stands for “Europay MasterCard and VISA”, three of the world’s most important and popular credit and debit card providers. One way to define EMV is as a standard way of encrypting personal information on payment cards such as MasterCard. These cards are fitted with an EMV chip, which contains the relevant data and can only be accessed by customers typing in their PIN. That’s why many people are familiar with another EMV definition – Chip and PIN. It’s becoming ubiquitous in retail environments across America, but processing EMV payments can pose challenges for small and medium sized businesses.
How Does EMV Work? How Can It Work For Me?
EMV chips differ from cards based on magnetic strips, which have previously been standard in the United States. But how does EMV work? With EMV, card information is held in a more complex form, unlike the simple storage provided by magnetic strip based cards. When a customer makes an EMV transaction, the card needs to be linked via specialist EMV readers to payment gateways, which then link them to credit card companies. It’s more secure, but also more complicated and can raise processing costs.
What is EMV? Nothing to Worry About When You Work With Payco Card
At Payco Card, we define EMV as something that modern retailers cannot ignore, and we are experts in migrating retail systems to the EMV standard. We can provide a range of different EMV terminals to meet your retail needs, with options to suit businesses who rely on trade fairs and equipment for traditional stores as well. When you contact us, we will also assess whether you actually need EMV capabilities, as not all businesses do. We can offer alternatives such as online eCommerce processing and mobile payments that might fit your needs better. Get in touch and we’ll find a solution for your business.