Blog

  • Credit card processing with chip reader

    An up-and coming change that is happening more and more frequently to credit cards is the addition of a chip rather than the traditional strip, meaning that transactions are now being processed with a chip reader.   Rather than swiping when making a purchase, credit card holders are now able to insert their card into the chip reader, which many banks state gives increased benefits to the individual. When using a credit card with the traditional magnetic strip, the data needed to process the transaction stays the same. This means that if somebody steals the information of a traditional credit card, they are able to retain the information and data needed to make as many [...]
  • EMV……Creating a better payment environment

    Preventing the growth of card-present fraudulent activity is one of the main reasons the industry moved towards EMV technology. Chip cards make it difficult for fraud organizations to target cardholders and businesses alike. As a result, more and more chip cards are being introduced by U.S. financial institutions in order to support and switch over to this technology. Just like magnetic-stripe cards, EMV cards are processed for payment in two steps: card reading and transaction verification. However, with EMV cards you no longer have to master a quick, fluid card swipe in the right direction. Chip cards are read in a different way. Instead of going to a register and swiping your card, [...]
  • EMV….Ensuring a safer transaction

    Before today, responsibilities for fraudulent purchases rest on the shoulder of credit card companies. For example, if a MasterCard number is stolen and used to buy $700 worth of clothes, MasterCard — not you and usually not the store would cover that cost. But as it is now, if stores don’t accept EMV payments, it’s up to them but the card company will not cover the cost of counterfeit fraud. If stores accept EMV payments, credit card companies accept the liability for counterfeit fraud. That’s true even if the store accepts EMV payments, but also accepts magnetic stripe payments, and one of those magnetic stripe payments turns out to be fraudulent. The technical wording from Visa [...]
  • 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, creditcards.com 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 [...]