The U.S. rollout of EMV chip cards continues as merchants contemplate upgrades to their card acceptance technology when conducting in-person transactions.
The EMV "liability shift" that began October 1, 2015 places the liability for card-present fraud onto whichever party is the least EMV-compliant in a fraudulent transaction. In plain English, that means that as long as a customer has an EMV card, it is the retailer's responsibility to provide the point of sale (POS) terminal to take advantage of the added security of the chip. If they do not, they would be considered at fault if a counterfeit card is used that the new technology would have been able to detect and prevent.
Here are a few reasons merchants might want to consider being an early adopter of EMV: & … more
As revolutionary as Apple Pay has been in its first year, giving iPhone owners, then Apple Watch wearers, the ability to pay with a wave of their device, it was not without its Achilles heel. For all its innovation, relying on retailers to install new point of sale (POS) hardware limited Apple Pay's adoption, rendering it unable to truly eliminate the wallets from our back pockets.
Launched at the end of September, Samsung Pay might finally hit the mark, allowing both users and retailers to better take advantage of a more universal mobile payment system. While Samsung Pay might look little different from Apple Pay, the technology running under the hood is wildly different, and it makes all the difference.
Apple Pay uses Near Field Communication (NFC) to pass … more
Your business strives to not only grow in profitability, but also in maintaining a solid customer base. All of your valuable customers depend on you in order to safeguard their personal information, which can be achieved through compliance with PCI Security Standards. In light of recent, massive data hacks, consumers across the country are growing wary of merchants' abilities to protect their financial and sensitive information.
Being PCI compliant means your customers can shop with confidence at your place of business, according to the PCI Security Standards Council. Without this compliance, your business could be in danger of canceled accounts, payment card issuer and government fines, lawsuits and more.
Despite the fact that businesses must be PCI compliant any time& … more
Dispute resolution starts with putting policies in place with clear communications designed to limit disputes from arising and when they do to handle them in proactive ways to prevent them from turning into chargebacks where cardholders escalate their dispute to their card issuer.
However, inevitably, … more
eCommerce businesses should use two built-in card security features when accepting card-not-present (CNP) transactions. When a transaction is submitted to the card payment processor, the authorization approval or decline response is able to determine three things: if the card is in good standing, if the card has been reported lost or stolen and if there are funds available to make the purchase. This approval or decline response is separate from two other responses that are available as card security features: address verification and the card verification value that is only printed on the physical card.
Address Verification Service (AVS) compares the address information that the cardholder provides during checkout to what is on record for that card number at the issuing bank. There are … more
When looking to partner with a merchant service provider, avoid settling with the ordinary and partner with the extraordinary. At Vantage, clients will benefit from our payment system consulting expertise and our state of the art credit and debit card processing services.
Successfully navigating through the complexities of pricing, technology and regulations with card processing can be difficult, but with a professional consultant and partner to guide you through the process, your business operations and profitability will have never been better. Our experienced team has serviced every kind of merchant, therefore we will work with you to determine what payment solution is best for your industry and business needs, along with providing you with resources and tools to best … more
As the card processing landscape is changing from mag-stripe to EMV chips with new regulations and technologies, merchants are seeking to understand the impact of these changes on their businesses. Here are two common merchant questions about EMV card-present transactions.
Question 1: Will accepting EMV chip cards prevent data from being stolen at my business?
EMV chip technology adds a layer of security to card-present transactions. Therefore, merchants installing EMV card readers would be limiting liability for fraudulent card transactions. This EMV technology protects against one type of credit card fraud, often called counterfeit fraud. EMV-chip cards are designed to decrease credit card counterfeiting by making them more difficult to copy. Unlike magnetic-stripe cards, which … more
Credit cards are an excellent source of convenience for both consumers and retailers alike. However, due to recent, massive credit card data breaches, some individuals are growing less confident about using them. For retailers, many are concerned because of the millions of dollars that are lost each year to fraudulent transactions. Therefore, many retailers are not just switching to EMV-ready terminals to protect themselves from liability, but also to help their customers feel more secure when purchasing items at their stores.
While making the change to avoid becoming liable for fraudulent purchases after the October liability switch is important, it isn't the only driving factor. These cards are embedded with security chips that make it more difficult to steal customers' credit … more
Though your restaurant may serve excellent meals and provide the best customer service in the city, if you run into trouble with credit card fraud, your valuable business will be driven quickly away. Trustwave, a global payment card security consultant, conducted a recent study where they discovered that nine out of 10 incidents in which cardholder data was compromised occurred at small merchants. Of these, 52 percent were in the food service industry. Surprisingly enough, more than twice as many of these fraud attacks occurred as a result of card-present transactions rather than online sales.
Some of the reasons for certain security breaches occurring include operating on an unsecured internet network or using non-compliant, point of sale (POS) software, which … more
When the Payment Card Industry Security Standards Council (PCI SSC) was formed in 2006 to better oversee the changes in PCI security standards, it was commissioned to discover ways to continually improve payment account security. Within this framework, the PCI Data Security Standard (PCI DSS) contains the requirements all companies must adhere to to securely store, transmit or process customers credit card data.
Achieving this compliance can be challenging for many businesses.Yet, if your business does not follow basic security steps outlined in PCI DSS, weaknesses can be exploited and enable fraudulent access to cardholders' credit card data, according to PCI Compliance Guide.
If your business accepts credit card payments, you are … more