The EMV chip may take more than 4 years as previously planned

Jun 09, 2014

 Just what exactly is EMV you ask? Years ago we wouldn’t even need to ask that question, but with the amount of fraud, corruption, and hackers around the world,  EMV is needed to bring safety to our credit world. You see, EMV stands for Europay, Mastercard, and Visa. It’s the global equivalent of protection. These companies have come together to bring notice to thieves.

Why?

With the onset of millions of cards worldwide and continual corruption, a summit of sorts was held with solutions to the problems. A chip was designed that leaves no way for the thieves to steal your identity or your money and works in conjunction with Point sale terminals and ATM machines. But the EMV chip card is in danger of being late.

How could that be?

Word is that no one is coming up with programs for the transition in the United States. Predictions are sounding off dates all the way into 2018. The issue with this is the guidelines that have transpired clearly state that the deadlines begin in 2015. With the deadline looming for the North American country, why are there no new machines hitting the markets and training going on for them? Good questions.

Future costs

On average, the EMV cards and terminals will cost issuers and merchants more than $6.8 million and issuers will pay 62% of that. Maybe just maybe, as the country is still on the upswing in the economic arena, the United States is stumbling. With the cost of this program in the millions of dollars, it may not be that no one wants to get the ball rolling, it might be as simple as….. the ball is too expensive right now.

As simple as that

It could be just as simple as that. The country just might not have the heart to change a system that is only slightly broken. It may be that the coffers are not as full as everyone would like. With the extra expense of machines, training, and the cost of making the cards….. well, it could break the bank….. so to speak.

In the end

Should the EMV program be initiated in the United States? Absolutely! In Europe, fraud and thievery are down considerably. Will this be a long-term solution to a short-term issue? Absolutely! When fraud and thieves and liars can be stopped with one little chip, then honesty is given a chance and that can’t be all bad.

For more information, contact us today at 818-621-4893.

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

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat