What is EMV and What Do I Need to Know?

What is EMV and What Do I Need to Know?

We’ve discussed in previous articles how identify theft and fraudulent activity can make a huge impact on your financial security. To assist with this, EMV is now being introduced into the United States starting October 1st, 2015.

So, what is EMV?

EMV stands for “Europay, MasterCard, and Visa”. It is a credit card payment standard that utilizes a protective reader to protect your account and keep your funds safe from fraud.

In the past, if a stolen card is swiped, the bank takes on the loss. Beginning October 1st, card issuers will be switching to chip enabled cards, as well as placing that loss onto business owners. Basically, if one of your customers uses a stolen or counterfeit chip enabled card and you don’t have an EMV reader, you may be responsible for any fraudulent activity. EMV’s secure technology will help to secure your funds and reduce credit card fraud.

Does this affect you? It may! Business owners be aware: if you accept Quickbook Payments via credit card processing, the EMV changes should definitely be on your radar. If you only accept key payments, you don’t need to worry. There is also a GoPayment app and EMV Mobile card reader for ease of use! The reader is $30 and available to pre-order now.

For more information, check out: http://quickbooks.intuit.com/payments/emv-reader or give Paragon a call. We’ll be making the secure switch and we think you should too!