All Payex360 Devices
Are Ready for EMVAll Payex360 Devices are Ready for EMV
What is EMV?
EMV is a chip technology used globally in place of magnetic stripe. EMV chip technology helps to reduce card fraud in a face-to-face card-present environment, provides global interoperability and enables safer and smarter transactions across contact and contactless channels. EMV was conceived by EuroPay, MasterCard and Visa (EMV). This group now includes representatives from all major world brands including American Express, Discover, JCB and UnionPay, and makes up the governing body referred to as EMVCo (EMVCo, LLC).
How does EMV affect you?
As a way of incentivising merchants to accept EMV, there will be a shift in liability for face-to-face transactions.
Currently, your obligation as a retailer is to swipe each card and verify that the signature on the back resembles the signature on the receipt. Do that and for the most part, you’re protected against fraudulent transactions. Moving forward, if you are presented with a chip card and are unable to process the transactions using the chip, you are then liable for any fraud.
All new Payex360 devices are ready to accept chip & pin cards as they become more prevalent over time. Enroll today to reduce fraud liability and give EMV card users confidence in your business’ security preparedness.