With the October 2015 Liability Shift deadline passed, several changes have been made regarding how transactions are processed at checkout. Chief among these changes is the fact that with the arrival of EMV, payments are now more secure than ever.
EMV and PCI Compliance
Will EMV Affect Online, Internet, or MOTO Merchants?
EMV Credit Cards help make retail shopping more secure. Each card comes with an embedded chip that assigns a unique transaction ID to every purchase. Customers must also either sign their name or enter a personal identification number (PIN) in order to successfully authorize each transaction. However, these extra security features aren't really applicable when shopping online.
NFC Payments - Objections and Rebuttals
Over the past year, there's been a lot of talk about NFC payment services such as Apple Pay, Samsung Pay, and Google Wallet. Despite heavy marketing, however, adoption of NFC payment services has been slow to get off the ground. With this in mind, we've outlined three common objections regarding NFC so that you can pass on this information to your merchants.
NFC and EMV FAQ
What to Do When EMV Chip Does Not Work?
Is EMV and NFC the Same Thing?
What is the relationship between EMV and contactless transactions?
The EMV chip cards issuers are now providing can support contact and/or contactless transactions. When an EMV chip card is placed near or is tapped against a contactless terminal, the chip in the card communicates with the terminal software and processes the transaction in much the same way as it would if the card was inserted into the terminal but in less time. This can help alleviate the wait time for processing. Since the EMV card will typically stay in the customer's possession or be used via smartphone if they are using NFC (Near Field Communication) applications, this in turn will lessen instances of customers getting impatient or distracted and forgetting their cards in terminals.