If you own a business, your credit score can be the thing that keeps you from attaining a line of credit, a loan, or payment processing. Even if owners don’t fund the business with their own personal credit cards, their personal scores can affect the outcome of loan applications. Many entrepreneurs are good at what they do, but may have made bad investments or suffered from identity theft. To protect personal credit and the credit of their businesses, merchants should use EMV chip-enabled credit cards and offer EMV chip-enabled processing for their customers.
Over 30 million cases of fraud happen in the U.S. every year. This figure has finally prompted legislators, payment processors, and credit card issuers to make improvements to the U.S. payment security system. In October, American merchants were supposed to update payment processing systems to accept EMV enabled cards. In an age where credit scores carry a lot of weight, it is more important than ever to upgrade to EMV credit card processing to give customers an additional layer of security and escape liability if fraud occurs.
Why EMV Works
EMV cards are more secure than traditional credit cards that use a magnetic strip. This strip contains unchanging data that is easily copied and used by criminals again and again. But EMV card uses a chip that creates a unique transaction code for every transaction that can’t be duplicated. EMV cards also provide consumers and merchants with a few more options than magnetic striped cards. EMV can also support near field communication (NFC). This is a more consumer friendly technology that allows cardholders to tap the card against an NFC enabled terminal that reads data instead of inputting them into merchant machines. EMV card transactions can also be verified via signatures or PIN. Lately, the U.S. has adopted the chip and signature method, however many security experts believe the chip and PIN method offers far better security against fraud.
The professionals at EMB offer merchants with good and bad credit competent payment processing services. EMB specializes in bad credit merchant account creation and has the necessary structure and resources to support entrepreneurs from start to finish. Start your bad credit merchant account application today.