Even though online transactions have become standardized and secure for most online payments, there is the relentless war waged by the payment gateway providers against those who try and spam their encryption gateways and try to divert payment for their malicious means. Hence, payment gateway providers cannot rest by introducing a secure method as every method is overcome and exploited for its weaknesses by spam and virulent players. In the new armory of security for card related transactions, EMV is currently being offered as the safest and most secure way for vendors to process payments and ensure safety of the credit and debit card details of their customers.
What is EMV?
EMV stands for a technical standard which is the mode of payment for cards that are issued in the last few years. The standard works between smart cards and payment terminals or automated teller machines. EMV stands for the major card providers, Europay, MasterCard and Visa. The cards are known as smart cards as they have data stored in integrated circuits than in magnetic stripes which was the technology that existed before. These cards come with different operating designs. In certain cases they need to be physically inserted while in other cases they are contactless, these can be read by the use of radio frequency identification technology, similar to bar codes on products in stores. These cards are also known as chip and PIN cards or they could be signature cards as well.
Major vendors of chip cards
Many of the global payment gateway providers like MasterCard, American Express, Visa, JCB, China Union Pay and others have accepted this standard and have developed the standards as well. Many of these service providers have developed the technology of EMV cards that allow transactions without the card not being present. This can happen over telephone lines and the internet. The chip authentication program allows secure ecommerce to be achieved. The EMV chip card reader can be carried out in different modes. For instance Visa offers s dynamic passcode authentication scheme where the chip authentication is done by the use of different values.
What vendors need to know?
For vendors out there who have not got the latest chip machines, they are being plagued by the different merchants to take up such machines immediately. Indeed, the machines are already implemented in many places. Indeed, it is a way to reduce risks in payment transactions. The last thing that one needs is a credit card machine that resulted in leakage of credit card details from your source. That will seriously undermine the confidence that buyers will have when purchasing from your store. Due to the liability shift that has occurred, if fraud cases are detected, the absence of EMV will be found to be the reason and the liability of the fraud cases will be linked to you and your gateway payment processor.
Get reliable device and support
For those who are looking to implement the EMV reader for the first time, there are many vendors out there. Chances are that your payment provider will be able to provide the new technology and the demonstration required to the personnel who will handle the machine. You need to ensure proper awareness and training of your sales and cashier personnel in this regard. Finding a reliable and competent provider like vendhq.com will help you get all necessary information, equipment and support you need to set up the new payment gateway. A reliable service provider like this one will ensure ongoing support at all times which is crucial as well.
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