• EMV….Upgraded global standard

    Presently, we are in the middle of a massive technological shift which is still unnoticed by some consumers. It is no more news that the debit and credit cards most individuals carry around in their wallets have being upgraded to a higher global standard known as EMV (Europay, MasterCard, Visa). These smart chips are unarguably the next line of defense against an ever-increasing threat facing many Americans – credit card fraud. According to a report in 2012, over $11.3 billion was lost to payment-card fraud, in one year, about half of this, $5.3 billion happened in the United States. With major credit card breaches and counterfeiting occurring frequently, issuers had no choice than to [...]
  • EMV… a higher definition of chip and pin

    Under the previous system, a customer hands over their card to a sales clerk to pay for any transaction. At first, when credit cards were newly introduced, merchants used mechanical portable card imprinters that required carbon paper to make an imprint (rather than magnetic). There were no electronic communications with the card issuer, and the card never left the customer’s sight. The merchant had no choice than to verify transactions over a certain currency limit by telephoning the card issuer. During the 1970s in the United States, so many merchants make subscriptions to a regularly-updated list of stolen or otherwise invalid credit cards numbers. This became a norm because these [...]
  • FAQs about EMV credit cards

    Europay, Mastercard, and Visa or EMV is the global standard for credit cards equipped with the new smart chips. These smart chips are used to authenticate and encrypt all transactions. Because of large scale data breaches, increasing rates of counterfeit credit cards, US card issuers have been migrating this old technology to the new technology and help reduce the costs of fraud. Improving payment security and making it more difficult for criminals to successfully counterfeit credit cards is the goal of all issuers. This switch to EMV means that adding new, in-store technology for the merchants, and activating new cards and the need to learn new payment processes for the [...]
  • Visa Announces Updates in EMV

    Visa has announced in their monthly EMV update, that merchants that are using the chip-enabled terminals now account for 46% of their entire U.S. in store payment volumes. Also, in a related announcement, Visa saw over 800 million chip-on-chip transactions last November. This is an increase of 359% year over year. Because Visa is the largest US card network, these figures not only point to the rising EMV penetration across the Unites States, but these figures could also be construed as a benchmark for the progression of the US EMV complete migration across the entire industry. These numbers point to the growing adoptions and buy-in from consumers and merchants alike: • For [...]
  • 88% adoption rate of EMV cards by MasterCard

    Mastercard has announced recently that 80 percent of all of its U.S consumer credit cards are EMV chip enabled. This marks an 88 percent adoption rate since the adoption of the October 1, 2015 EMV liability shift in the United States. Mastercard also stated that, across its U.S. network, there was an increase of 374 percent in chip terminal adoption since the October 1 adoption date. 1.7 million EMV chip active merchant locations make up this Mastercard network in the U.S. The company has helped over 150 countries adopt EMV, and over and over again and again, the results are consistent, Mastercard sees major reductions in all credit card fraud. Because the U.S. is one of the most [...]
  • Credit Card Fraud down 47% in first year!

    EMV is living up to all its promises in the fight against credit card fraud in the United States.  Actually, reports that the chip-enabled merchants US wide have reported a 47% downswing in counterfeit fraud annually.  This is according to statistics that were released by Visa.   On that same note, Mastercard merchants network has reported a 54% decrease annually in counterfeit card fraud.  On the other side, merchants, who were not compliant with the new EMV policies and security have seen a counterfeit fraud rise of over 77% over the last year.   Question arise if both cardholders and merchants are embracing the EMV technology, then why are we [...]
  • Boost Your Business With Credit Card Processors

    Credit card processors are the devices which are used to carry out the transactions. It is the best means to transfer your money to any account you want. So it can be described as the free flow of transactions between the accounts. As all the institutions whether they are banks or any private ownership all provide either the debit cards or the credit cards to their customers. So it can be used to make a cashless transaction. They can be used any number of times as there is no restriction on their usage. People have been using credit cards on a regular basis for quite a few years now. The advantages of using plastic money are myriad. One does not have to carry too much cash all the [...]
  • What You Need To Know About Credit Card Processing Fees

    In this age and day, a good number of people do not want to carry liquid cash in their pockets, purses, or wallets. As a wise entrepreneur, adding credit cards as an acceptable mode of payment can greatly improve your sales and returns on investment. However, it is important to understand generally how credit cards work before taking the huge step. Since there are different types of credit cards, merchants, and payment processors, the associated fees also vary a lot. In addition to considering the security and convenience of transactions, the rates are an important aspect to look at before introducing credit card payment as an acceptable method in your business. Below are a few things [...]
  • Credit Card Machine Buyers Guide

    We live in a time where credit cards are processing most transactions. Paying by credit card is preferred by most people due to convenience, security, and buyer safety. With more and more businesses moving towards the web and the popularity of e-commerce, business owners need to have the ability to process credit cards or risk losing business. Accepting credit cards has plenty of advantages for business owners. Giving customers a choice to pay by cash for by credit card will increase sales, expand your customer base, and will provide convenience for its clients. If you are planning on selling online or creating an online business, accepting credit cards is a necessity. With more and [...]
  • Online Credit Card Processing for Your Business

    Online shoppers want to get the same benefits from your ecommerce store that they get from brick and mortar retailers. Offering a wide range of payment methods will make your customers feel safe and comfortable and they will increase their online shopping. Accepting credit/debit cards in your online store increases your sales. The problem that many online business owners face is that they are confused by the many choices available and they don't know where to start. There are two ways in which an online business can accept credit card payments online; Real time online credit card processing Here is where the customer submits their payment information and the payment is [...]