As you know, Netcom PaySystem recently announced that many of our payment solutions will now incorporate EMV payment capability. This means that merchants will now have devices that are EMV capable – delivering the latest in fraud prevention technology. But what is EMV and how does it affect my business?
EMV is an abbreviation that stands for Europay, MasterCard and Visa and is an internationally adopted payments standard that utilizes microchip technology to authenticate and process debit card and credit card transactions. EMV chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards. Today, EMV Co manages, maintains and enhances the specifications. EMVCo is owned by American Express, Discover, JCB, MasterCard, UnionPay, and Visa.
What are the benefits of EMV?
The biggest and most important benefit of EMV is the reduction in card fraud resulting from counterfeit, lost and stolen cards. EMV also provides interoperability with the global payments infrastructure – consumers with EMV chip payment cards can use their card on any EMV-compatible payment terminal. EMV technology supports enhanced cardholder verification methods and, unlike magnetic stripe cards, EMV payment cards can also be used to secure online payment transactions.
FACTs about EMV & your business…
• EMV is not MANDATORY; but rather a suggested business practice.
• You DO NOT need to purchase expensive equipment by Oct 15th in order to continue processing.
• You WILL NOT lose business if you’re not set up for Chip and Pin transactions, as the mag stripe will still function as designed.
• Netcom PaySystem WILL NOT increase your processing rates if you’re not EMV ready by Oct 15th.
• eCommerce or Card Not Present customers DO NOT follow the same guidelines as Face to Face.
• Although not mandated, Netcom can provide state of the art EMV ready equipment at your discretion. If you’re ready, so are we!
About Netcom PaySystem
To learn more about Netcom PaySystem payment processing solutions, simply fill out this quick online application to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680 or by email at email@example.com
Netcom PaySystem prides itself on being as eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, EMV Capability, ISV/SDK and Virtual Terminal Solutions.
In addition, the company offers the merchant access to POS Systems, eCommerce, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital.
Company Name: Netcom PaySystem
Contact Person: Media Relations
Country: United States