Most people have some degree of understanding about NFC. This is the technology used by smartphones and smartwatches that allows people to pay by simply holding their phone up to a terminal. EMV chip technology, on the other hand, may be a little less familiar. This is the chip found on your debit or credit card that securely holds data about the cardholder and has since become standard in processing orders.
EMV is an acronym for the three major developers behind the technology (Europay, Mastercard, Visa). The chip reduces fraud and boosts security by creating one-of-a-kind data each time a card transaction is processed. Hence, it makes it harder for someone to create a counterfeit card as the counterfeit data becomes inauthentic. EMV typically has requirements in place to verify the user, such as a PIN. Furthermore, the technology adheres to the rules set by the issuer of the card when processing the transaction.
Even as EMV helps to reduce fraud, it’s important to ensure you and your business are taking measures to protect yourself and your customers. EMV works via payment processing devices so its security is limited to these devices.
One Payment provides businesses is an all-in-one payment processing provider offering small businesses a mobile merchant account capable of handling mobile credit card processing. In addition to improving cost efficiency and ease of use, the mobile credit card processing solutions from One Payment will ensure that the company retains a strong competitive advantage in an increasingly competitive market. For more information on our credit card processing services , please call 855-609-7050.