Europay, MasterCard, and Visa, also known as EMV, is a financial practice that has migrated from overseas. When it comes to understanding the importance of EMV, you must first understand the basics. Here’s a close look at EMV, its benefits, and why you should be taking advantage of it.
Transactions are more secure when using EMV cards
Unlike regular credit cards, EMV cards have a chip embedded within them, which creates a unique transaction code that is rendered useless to thieves and hackers once the transaction is over. When an EMV purchase takes place, cardholders enjoy peace of mind in knowing that the transaction information will be held to the highest security standards, ensuring that data cannot be used by those looking to exploit it.
EMV cards change liability
Before October 1, 2015, the liability of fraudulent transactions rested on banks and processors. Starting on this day though, the liability shifted so that those with the least EMV compliance were held responsible for the transaction. Because of this, it is imperative that business owners, as well as anyone that accepts credit card transactions, be EMV-compliant.
EMV helps protect the nation as a whole
EMV cards have been around for many years, and through numerous studies, it has been found that parts of the world not accepting these cards are at a high risk of fraudulent credit card acts. If the US had decided not to follow in the rest of the world’s footsteps when it comes to protecting consumers and businesses, this nation could have very well been a primary target for fraudulent credit card transactions.
Whether you’re a consumer or business owner, you need to take advantage of EMV credit cards. From a consumer’s perspective, you will be able to take comfort in knowing your transactions are better protected. From a business owner’s standpoint, EMV reduces liability against fraudulent acts, and it provides a way to collect, store, and manage transaction data so that optimal transaction experiences take place each and every time.
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