EMV is a joint effort (by Europay International, MasterCard International and Visa International) to provide a fundamentally more secure, global payment system by reducing the incidence and liability associated with fraudulent transactions.
If you still find yourself askig - “What is EMV?” and “What is EMV compliance?” - no worries, we have all the answers for you down below.
EMV technology is a computer chip located on the front of the credit card. When completing a transaction, the EMV chip securely communicates with the payment processor in order to authenticate the transaction through a calculation of unique data packets for every single transaction. The purpose of EMV is to reduce the value of data that might be stolen from a system leaving the criminal mind a much harder puzzle to solve. Therefore, when a customer uses the magnetic stripe on a card instead of inputting the EMV Chip, they lose that extra step of verification to ensure the card is not counterfeit. EMV compliance is more than a different method to pay at the pump. It is a new opportunity for c-stores to increase security in order to protect customers and dramatically reduce the prevalence of counterfeit fraud.
Thieves take advantage of the magnetic stripe on payment cards by sneakily placing skimming devices on payment systems. Therefore, when a customer pays at the pump or in the store, the criminals are making easy money for every card swiped. EMV compliance not only provides additional measures for payment security, but also a new standard of performing business correctly. As EMV compliance starts becoming the retailer’s norm, not being EMV compliant will begin to have a negative connotation. Like restaurants with poor health ratings, being EMV compliant will become the standard customers may seek after. After all, customers do not want to shop at a c-store where counterfeit fraud is prevalent. As more thieves target c-stores without EMV technology, your risk and reputation hang more on the line. For both c-stores and gas stations, EMV is there to lessen the frequency and chance from a crime being successful.
EMV approval is granted according to:
For gas stations, EMV compliance means that your POS equipment has the latest EMV technology to provide secure transactions for your customers and your business. This will allow you to build trust with customers by providing a safe environment to perform transactions. Through this improved relationship, your business reputation & finances will be safer and possibly heightened. Furthermore, not being EMV compliant will result in your business having to take on the load of paying for chargeback costs if a fraudulent transaction invades your business. However, if you ensure your equipment accepts EMV payments, and there is an incident, the credit card companies will have to handle the bill. Save your business the sweat and pass the bill!
Whether a customer visits a grocery store, mall, or gas station, EMV compliance is just as important to ensure consistency and the best protection possible. Additionally, being EMV compliant extends further than your POS software inside the store. It includes when customers pay at the pump. Therefore, there are many facets to being EMV-compliant that you should be aware of such as the following standards to be approved for EMV Compliance: Hardware compliance (devices): Manufacturers must have certifications on their payment hardware confirming their capability to accept and process EMV transactions. Software compliance (inside the device): Manufacturers must also have software on their devices that is certified to accept and process EMV transactions. Certification with the fuel brand or network: Devices in a payment ecosystem must be certified together either via major oil or payment processing network, prior to EMV compliance, accepting transactions in the field.
Once you understand EMV is all about as well as the benefits and risks, you can then take the first steps on your EMV migration journey. Take a look at the range of product solutions and services Gilbarco Veeder-Root has pioneered to help gas station and c-store owners with EMV compliance.