Addressing Key Concerns About EMV
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Despite its many advantages, a significant portion of business owners have raised some concerns about EMV technology. EMV has come into the limelight in the US quite recently. It is new territory for domestic business owners; having concerns before jumping on the EMV bandwagon is therefore understandable.

To help business owners grasp the system better, here are the answers to the most frequently asked questions about EMV technology:

Why Are EMV Cards Safer Than Traditional Cards?

In layman terms, an EMV card is a smart card that has a microprocessor. This is exactly what sets it apart from conventional cards. Conventional credit cards have magnetic stripes which contain the card holder’s data. Unlike traditional cards, EMV card creates a unique transaction code every time it is used. This means that the code cannot be used again to make a purchase. This consequently helps bring down credit card fraud.

How Is An EMV Card Used To Make A Purchase?

EMV cards can be used to make payment through card reading and transaction verification. Instead of swiping the card, individuals will have to ‘dip’ it. Card dipping refers to inserting the EMV card into a terminal slot and waiting for it to process. This might take some time as the data will be transmitted from the card chip to the issuing financial institution, but it does allow creation of unique transaction data each time.

Should Companies Accept International Cards?

EMV cards are used across the world to make secure purchases. Given that credit card fraud takes place outside the US as well, EMV can be very beneficial for businesses that accept international cards.

Does EMV Accept Card Dipping Only?

Apart from card dipping, EMV also supports contactless card reading or near field communication. These cards are more user-friendly as cardholders simply need to tap them against a terminal scanner. The scanner can then pick up the card information from its computer chip.

Who Is Liable For Costs If Fraud Occurs After An EMV Card Is issued?

Credit card companies MasterCard, Visa, Discover and American Express issued a deadline of Oct. 1, 2015 for liability costs. After this date, the liability of fraud will fall back on the party – payment processor or issuing bank – that is least EMV-compliant.

Relevant training is essential for business owners to implement EMV successfully. If you are the owner of a fuel station, John W. Kennedy Company is a renowned gas and petroleum equipment supplier providing high quality professional training programs to petroleum companies. Click here to register for its training program. The company also specializes in offering an array of gas and fuel station equipment supplies, including paper, ribbons, filters, hoses, nozzles, swivels, breakaways, and much more, to fuel stations.


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