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Accepting EMV & NFC Payments

EMV & NFC Payment Technology
EMV chip cards and NFC mobile applications represent a new wave of payment methods that is safer for consumers and businesses. These technologies are part of the movement away from magnetic stripe cards, which have become increasingly susceptible to fraud. When consumers use EMV and NFC technology, personal information is dynamically encrypted, so it's near-impossible to steal or clone information onto a new card.

These solutions are poised to emerge as the preferred payment method for consumers throughout the United States. October 2015 will bring about a shift in fraud liability that places responsibility for fraudulent activity on the organization for failure to provide EMV capabilities. Because of this, it's likely that EMV and NFC-based payment solutions will become a permanent fixture that businesses needs to be prepared for.

EMV: What You Need to Know
EMV stands for "Europay, MasterCard, and Visa" and is the standard for all cards and devices that utilize embedded microprocessor chips. EMV cards - also called chip cards - contain a tiny, dynamic computer chip that communicates with the POS terminal to confirm your identity. EMV cards are not only safer and more secure for the customer, but the business owner too.

Chip cards require that the user insert or "dip" the card into a reader, rather than swipe it. The card is then held in place in the reader for the duration of the sale, while the reader and the chip communicate back and forth. Once the user removes the card from the terminal, they are prompted to either sign for the transaction or enter a PIN number.

NFC: What You Need to Know
NFC technology - or near field communication - allows smartphones and payment devices to communicate with each other based on proximity. NFC technology offers impressive security measures to keep data safe. Each transaction is heavily encrypted, so personal information is constantly changing instead of remaining static and vulnerable.

NFC systems also save time because they require no physical contact between the payment device and the payment reader. Users simply hold their device near the POS terminal, enter a PIN and the transaction is processed. Apple Pay is currently the most utilized platform of NFC technology, but applications like Google Wallet, MasterCard PayPass, and Visa PayWave are gaining popularity.

Accepting EMV & NFC Payments
With this new technology comes the need for improvements in existing systems - to accept EMV and NFC payment, you must have a compatible POS system. New card processing machines are able to accept EMV, NFC and magnetic stripe cards. Because of this, you'll be able to accommodate customers who still haven't upgraded along with those who have.

Learn what you need to do to switch your swipe-and-sign card reader for an EMV and NFC compatible device by contacting us today.

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