Credit Card Terminal EMV Chip Card Reader For Merchant Services Required October 1
The credit card terminal you have should be an EMV terminal starting October 1, 2015. Merchant Services, without this terminal, will not accept chip credit cards without this update.
Dallas, United States – August 24, 2015 /MarketersMedia/ —
EMV (Chip and Pin and/or Chip and signature) is basically a chip in the credit or debit card that replaces the magnetic strip on the back of the card. In the old way you would swipe a card and the credit card terminal would read the data in the magnetic strip and process the card. With the new EMV requirements the credit card terminal, or ATM, will have to read the chip instead of the magnetic strip. Once the terminal reads the chip the customer enters their 6 digit “Pin Code” or in the U.S. they use their signature.
To receive a free EMV terminal and a free quote: Contact us at http://www.credit-card-processing.com or call
1-888-895-3129.
What are the benefits of this new technology?
1. Using a chip makes it nearly impossible to counterfeit stolen cards
2. The computer chip allows for ‘one time use” transactions
3. Stolen chip data cannot be duplicated
4. Less risk of fraud
5. Liability shifts from the merchant to the card holders Bank
6. Enables acceptance of Apple’s Apple Pay and the Android Soft Card Contactless Payments
On October 1, 2015, the card brands are implementing chargeback rule changes. Currently, when a
counterfeit card is accepted by a merchant, the card issuer is responsible for the fraud loss. On October 1, 2015, the card-present counterfeit card liability will shift to the merchant if a chip card is presented but the point-of-sale system is not enabled to read the chip. This is NOT a compliance mandate; instead, accepting chip card transactions will limit a merchant’s future chargeback exposure for certain types of card-present chargebacks.
Because of the liability shift everyone will need to have an EMV capable system and the processing Banks (acquirers) will strictly enforce this. Issuing Banks can still issue the old fashioned “Non-Chip” cards as long as they assume the fraud risk and merchants will still be able to process the old cards until 2017. However, most processing companies will access a surcharge on these cards and some will even change a hefty “Non-Compliance Fee” for using a non EMV Certified credit card terminal.
The credit card terminal suppliers have been pushing terminals out to resellers, Banks and processors for the past few years that were supposed to be EMV ready. Now we’re finding out the terminals weren’t ready and did not meet the security standards without an added $250 encrypted pin pad attached. It is estimated that 80% of all terminals in the U.S.A. will have to be replaced by the Oct 1, 2015 deadline or pay the hefty Non-Compliance Fees.
Be aware there is hardware (i.e. credit card terminals) that have a chip card slot but do not and will not have the software available to download to make the terminal EMV-enabled. There are very few devices that have this capability and most of the suppliers don’t have the correct credit card terminals in stock. For any virtual terminal, mobile or PC based software/cash register, POS System, the software, hardware and payment gateway have to be EMV certified by the processor and each card brand.
To receive a free EMV terminal and a free quote: Contact us at http://www.credit-card-processing.com or call
1-888-895-3129
For more information about us, please visit http://www.credit-card-processing.com
Contact Info:
Name: Jim Johnston
Email: merchantconsult@gmail.com
Organization: Merchant Resources
Phone: 7147132281
Release ID: 89710
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