What is EMV?
EMV, which stands for Europay, MasterCard, and Visa, is a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. – source Wikipedia
What is the benefit of EMV?
EMV cards and compatible Point of Sale systems help authenticate the buyer and reduce the possibility of fraud drastically.
Why is an EMV card better than a Magnetic Card?
It’s become much easier to not only copy data from magnetic stripes but to also copy them to make duplicate cards that can used at ATMs and other card readers for fraudulent transactions. With EMV cards, each card has a built-in chip that generates a unique number for each transaction. These uinique transaction codes are recognized by the card issuer and cannot be hacked or copied or reused thereby preventing a fraudulent transaction.
When will my GotFlowers POS support EMV cards?
Support for EMV card readers is available with the GotFlowers POS. These card readers will accept traditional credit cards with a magnetic stripe as well. Credit card processing from GotFlowers will be required for the EMV card reader.
What do “Chip and Pin” and “Chip and Signature” mean?
We are all familiar with credit card transactions for a purchase which goes through two steps. The first is validation of the card information and the second is verification. Traditionally, the verification step has been a PIN number for Debit/ATM cards and a signature for a Credit Card. This requirement depends on the Merchant Processor or Issuing bank. However, Signatures are no longer required with the use of EMV cards.
What about liability?
If a consumer presents an EMV card and the merchant processes the transaction using the Magnetic Stripe on the card, all liability will be the merchant’s responsibility. There are no exceptions!