Are you ready for immerging EMV Chip Card technology?

Nov 26, 2014

This is how credit card issuers have been feeling ever since the hacking by overseas crooks was discovered. Mind you, this was not an over-night instance of fraud. Crooks had patience and planned for years. They are not stupid. They knew where weaknesses were – and still are –in some industries. And there is still the common everyday crook that is still inserting skimmers into ATM’s.

But the card issuers have been just as busy working on ways and means to keep consumers and companies safe from hackers. Named after the original developers, Europay, MasterCard® and Visa®, the EMV chip works differently than the magnetic stripes on the back of credit and debit cards. The ‘old-fashioned’ mag stripes contain all of a consumer’s personal information. This is what the hackers steal at the point of sale.

The EMV Chip (aka “chip and PIN” or “chip and signature”) stores information on a microchip imbedded in the card itself. Developers say it is virtually hack-proof. In has been used in France since 1992 and will soon be available in the U.S. Use of the EMV Chip will chop into the fraudulent use of credit cards and therefore make a big dent in chargebacks. This alone should make merchants ecstatic.

But there is also another benefit of which many merchants may not be aware. Both Visa and MasterCard perform CPI audits to ensure that merchants are using all requested methods to remain CPI compliant. If a merchant is found in non-compliance, the penalty fees can be staggering. The card associations’ number one objective is to keep their card members information secure. Both associations have announced that within a certain deadline, if 75% of a processor’s clients have switched over to accepting the EMV Chip, those merchants would not be audited.

So what does it take from a merchant standpoint to be able to accept a card with an EMV Chip? The good news is that some of the most recently released terminals are already set up to accept them. The merchant will not have to change terminals – he will just have to educate his employees on the change. The major difference is when making the sale, the card is not swiped. It is inserted into the terminal where it remains until the sale is complete. Easy!

If you are a high risk merchant the new security measures of the EMV Chip will help your chargeback ratio. It is in your best interest to ask your high risk merchant account specialist about any and all procedures you may need to take to be able to accept the new chipped cards.

Let us help you get a high risk merchant account today!

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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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