Will EMV Chipped Cards Protect Consumers

Oct 22, 2015

Over 30 million cases of fraud occur every year in America. This outrageous number has led to the creation of bills designed to combat fraud, but none of the bills mention improvements to the U.S. payment security system – thus leaving Americans susceptible to fraud. Although the enactment of chip verification is a step in the right direction, many policymakers say that chip verification is not enough to fight resourceful fraudsters.

A number of respected policymakers support the enactment of chip and PIN like – Sen. Amy Klobuchar of Minnesota and Sen. Mark Warner of Virginia. But the case for chip and PIN has fallen on deaf ears, especially on the ears of the banks that would supply the technology. Instead financial institutions have started to issue chip-only cards that don’t have the PIN component, meaning that cards are still relying on outdated and easily forged signatures.

The cybersecurity community has called for increased security for consumer information for years. They believe the U.S.’s late adoption of EMV standards has jeopardized American identities. Unfortunately, retailers and merchants are spending billions in dollars to upgrade to PIN and signature when chip-only cards have proven to be inadequate without a PIN.

Consumers and merchants simply can’t afford to not be fully protected, especially merchants that do high volume transactions like in the hospitality industry. In the wake of the Hilton properties security breach, banks and merchants should be on board with chip and PIN.

A high volume of cardholder data passes through hotels every day. There are simply too many touch-points for credit cards in the hotel industry. As a result, a major footprint of sensitive consumer data is formed. The Federal Reserve notes that chip and PIN would increase payment security by an amazing 700 percent. So as Congress debates issues like cybersecurity, they should discuss credit card security improvements too. This will be in the best interest of the American people and American merchants.

Protecting consumers’ privacy and their identity will keep their confidence in the economic system and increase spending. To process EMV chipped cards, merchants must have EMV enabled POS systems. Today, Hoteliers must have their payment processes monitored at every turn. eMerchantBroker.com is a payment processor experienced in hotel credit card processing. Our agents will have your merchant account up and running in no time.

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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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