EMV Frequently Asked Questions - FAQ

EMV - A Technical Standard for Smart Cards and Payment Terminals

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What Does EMV Mean?

EMV stands for Europay, MasterCard, and Visa — these companies created the standard on October 1, 2015. EMV is an open-standard set of specifications for smart card payments and payment terminals. This was officially enacted by EMVCo, which is owned by Visa, MasterCard, JCB, American Express, China Unionpay, and Discover. The standard was enforced by these payment product associations by mandating that, in very specific cases, merchants (not banks or issuers) would now be liable for fraudulent purchases.

What is EMV and How Does it Protect Merchants?

EMV chip cards contain an embedded microchip that provides transaction security features not available with magnetic stripe cards. This reduces card-present fraud from counterfeit, stolen, and lost cards, however, EMV only protects a merchant from fraud if a counterfeit card is ‘dipped’ at their point of sale. This means that all future swipe transactions are not covered by issuers if a counterfeit card was used, regardless of whether it has a chip or not.

What Do I Need to Know?

Our Integrated Payment Processors provide EMV-compatible devices, and RepairQ is compatible with these supported devices. We have several articles available with detailed information on how to get them set up properly as well as troubleshooting procedures to follow in the event of an issue.

 

 

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