EMV: A New Way to Protect your e-Commerce Business

Sep 16, 2015

Technology has been changing and the online payment industry is one area where you’ll never miss a new development. This time, let’s look at EMV.

What is EMV?

EMV (Europay, MasterCard, and Visa), is a global standard for inter-operation of Integrated Circuit (IC) cards or chip cards, IC card capable Point of Sale (POC) terminals, and Automated Teller Machines (ATMs) for debit and credit card authentication. IC cards refer to cards (debit or credit) that have a chip embedded in them thus enabling the use of EMV protocol.

Most issuers are currently replacing their cards with chip cards in anticipation of the changes that will soon be occurring in the cards industry. In fact, most end users – the cardholders – already possess at least one chip card.

A quick recall

Ever since credit cards were first used, the cards have usually been issued with a magnetic stripe on the back. This stripe contained all the information necessary to process a purchase. When the card is swiped at a Point of Sale, the information is read and transmitted to the relevant card issuer for payment.

Not long ago, credit card thieves discovered that if they obtained information from the magnetic stripe, they could easily produce counterfeit cards which they could then use to transact from the cardholder’s account. Initially, they tried to steal this data by running cards through their card readers. For instance, after making a purchase at a store, when you hand over your card to the store keeper for swiping, they would take the card to a different place to process the bill where your credit information and personal details would also be captured. Thereafter it was easy to print the data on a counterfeit card and use it for unauthorized transactions. Later on, the thieves started stealing the information from various points in the payment process.

Chip cards are secure

Chip cards are more secure. They make it very difficult for criminals to steal data and use it to produce counterfeit cards. The cards and payment terminals will work together to protect cardholders, store owners, and payment processors. When a cardholder swipes a card, a one-time code is generated that makes the transaction possible – a feature that is almost impossible to replicate in a counterfeit card. In the meantime, all chip cards will still have a magnetic stripe to accommodate merchants who have not yet moved to chip card processing. Remember that if you’re a high risk merchant, you’ll still need a high risk ecommerce merchant account even with EMV cards.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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