A major change is coming to credit card technology as the US prepares to adopt EMV/chip cards this fall. We’ve asked Gene DaLie, Account Executive of Green Payment Solutions to explain what this change will mean and how froyo shops can prepare for the change ahead.
By Gene DaLie
What is an EMV chip card and why is it so important?
For starters, EMV stands for “Europay, Mastercard and Visa.” EMV was developed by Europay, Mastercard and Visa in order to create worldwide standardized protocols for integrated circuit cards and the hardware necessary to accept these cards.
EMV cards, which look like standard bank cards, are manufactured with an embedded small integrated circuit (or smart chip) in the card. Payment data is read from this chip instead of from the magnetic stripe that is currently prevalent on all credit and ATM cards in the US.
The US, the last major market where magnetic stripe cards are predominant, is switching from magnetic stripe cards to chip cards this fall.
Why the switch?
EMV cards are more secure than magnetic stripe cards and credit card fraud is a growing problem in the US, which ranks #1 in world in credit card fraud. The chip protects against fraud in 2 ways. First the chip is difficult and expensive to counterfeit. Second the way data is transmitted, varies each time its read, making it dynamic instead of static. Thus while info from a magnetic stripe, which carries static data, can be easily “skimmed” by a malicious card reader installed on real payment terminals by criminals seeking to steal data, chip information is much more complicated to glean.
What if I’m not ready for the switch?
After October 2015, US merchants may be liable for any fraudulent charges that could have been prevented with the use of chip technology. If a counterfeit magnetic stripe card is presented at a chip certified terminal, the card issuer is liable for counterfeit fraud.
What do I need to be ready for the switch?
Chip card readers currently cost about $250-300 per unit. Green Payment Solutions is offering free of charge* the soon to be required chip reader terminal for a limited time. The days of magnetic stripes on credit cards are numbered. With the chip reader terminal, you’ll be all set. It’s good to switch early as it gives you time to train your employees, determine what other changes you need to make before implementation, etc.
* To qualify for the free chip reader terminal, just process over 8K a month and become a Green Payment Solutions customer by February 29, 2015.
If you don’t process 8K a month, Green Payment Solutions can still save you money. We offer a low rate guarantee and will pay your IFYA Premium Membership dues. For details, visit: http://internationalfrozenyogurt.com/greenpayment-offer/
For great savings, excellent customer service and a free chip capable terminal, send your complete merchant statement by fax to Attn: Gene DaLie @ 888-639-1976 or scan it and send to gened@greenpayllc.com for your complimentary, no obligation quote. I’ll make it easy to understand how much you’re paying now and how much you can save with Green Payment Solutions. Or call me, Gene DaLie, at (818) 200-1004. Remember, there is no obligation. Find out how much you could be saving today.
About Green Payment Solutions, Preferred Partner of the IFYA
Dynamic. Robust. Cost-Efficient. A powerful processing platform for your business.
For more than eleven years, Green Payment Solutions has provided top quality credit card processing services to local and national merchants. From standard dial-up terminals to virtual terminals and Smartphone applications, Green Payment Solutions can troubleshoot any issues and offer professional assistance and consultation.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of the International Frozen Yogurt Association.
