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BETTER SOLUTIONS FOR YOUR BUSINESS TO BUSINESS PAYMENT PROCESSING

EMV Chip

Increases security and fraud protection to reduce card present fraudulent transactions and charge-backs.

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EMV is a fraud-reducing technology that can help protect issuers, merchants and consumers against losses from the use of counterfeit and lost or stolen payment cards at the point-of-sale. EMV cards are embedded with a microprocessor or smart chip that interacts with the merchant’s point-of-sale device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card. This kind of chip technology adds layers of security against fraud and is virtually impossible to duplicate.

 

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EMV 101

EMV 101

Adopt the chip standard and prevent big losses. EMV adds a proven layer of security. At the moment of transaction- when the cardholder is most susceptible to fraud- an EMV cryptogram is what keeps sensitive data away from cyber-thieves.

What is EMV?

EMV is a fraud-reducing technology that can help protect issuers, merchants and consumers against losses from the use of counterfeit and lost or stolen payment cards at the point-of-sale. EMV cards are embedded with a microprocessor or smart chip that interacts with the merchant’s point-of-sale device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card. This kind of chip technology adds layers of security against fraud and is virtually impossible to duplicate.

Why Introduce EMV?

The migration to EMV technology in the U.S. will help:

  • Ensure that only the rightful card owner can use the chip card, protecting against lost or stolen card fraud
  • Protect data on the chip against unauthorized changes, protecting against counterfeit fraud
  • Enable U.S. cardholders to use their secure chip payment cards anywhere in the world

What is the Timing for EMV in the U.S.?

Chip–based EMV payments are coming to the United States. Starting in 2011, the four major payment brands introduced their roadmaps for EMV technology and encourage its adoption. In April 2013, the first domestic milestone required processors like First Data to accept EMV–based payments from merchants. First Data met this milestone and is already approved by MasterCard, Visa, Discover and American Express in the US as a transaction processor and is processing EMV transactions for one large retailer on U.S.–based chip cards. October 2015 will mark the next major milestone where the fraud liability shift for all point of sale devices (except Automated Fuel Dispensers) will take effect. Liability shifts for Automated Fuel Dispensers begins in 2017.

EMV FAQs

Q  What is EMV?

EMV, also known as a chip card, is a globally accepted smart chip technology payment standard established by Eurocard, MasterCard® and VISA® in the early 1990s. EMV cards come with an embedded microprocessor that provides better transaction security, card authentication and additional application capabilities not possible with traditional magnetic stripe cards. The chip on an EMV card interacts with the merchant’s point-of-sale device and is very difficult to duplicate.

Q How does EMV technology benefit SMB merchants?

EMV increases security and fraud protection against counterfeit. lost or stolen payment cards.

EMV also enables interoperability with the global payments infrastructure. In other words. EMV cards can be used with any EMV-enabled  terminal anywhere  in the  world.

Q How does EMV help prevent fraud?

Each EMV card comes with an embedded smart chip that is programmed by the card  issuer to create a unique cryptogram (a secret code) for every transaction. The code represents a

randomly generated numeral provided by the point-of-sale (POS) terminal at the time that the purchase amount is keyed in by the cashier. Use of an EMV chip triggers cardholder verification required for authentication: Chip & PIN; Chip & signature; or nothing. If connectivity with the card issuer is unavailable during the transaction, the chip determines whether the transaction may be processed offline.

Q What is the timing for EMV in the  U.S.?

The U.S. is one of the last industrial countries to migrate to  EMV chip card technology as  a

payment standard. October 1. 2015 marks the date on which fraud liability shifts for all non-EMV enabled point-of-sale devices (except for automated fuel dispensers at gas stations). U.S. Banks have already started issuing EMV cards and it is expected that by the end of 2015 there will be 166 million EMV credit cards and 105 million EMV debit and pre-paid cards in circulation in the  US.

Q  What exactly does the liability shift mean?

Starting October 1. 2015, the party that provides the most EMV options will be protected

from financial  liability originating  from counterfeit.  lost or stolen card-present transactions.

For example, if a chip card is presented to a merchant who has not adopted an EMV-enabled terminal, liability for counterfeit fraud will shift to the merchant’s acquirer who will likely charge the fee  back to the non-EMV compliant  merchant. If a counterfeit  magnetic  stripe card  (non-EMV

chip card) is presented at an EMV-enabled terminal. liability will remain with the card   issuer.

Q Am I required to support EMV?

You are not required by law to support EMV at this time. However, you may be putting yourself and your customers at risk, as fraud liability migrates to non-EMV enabled parties. Ensuring that your POS terminal(s) are chip capable and that your payment processing application can accept

EMV chip card is good business.

Q  Who  is enforcing EMV™?

There is no government entity or authority that is overseeing or enforcing migration to EMV in the US. However, the Payment Card Industry Security Standards Council (PCI SSC) and EMVCo, the official EMV standard governing body, are collaborating with major card issuers on EMV chip technology adoption and implementation in the US. As such. all SMBs and   merchants

who are accepting electronic card payments will be required to continue meeting PCI security compliance  processes and be subject to the liability shift set forth by card  issuers.

EMV for Merchants

EMV : Part of a Broader Payment Security Strategy

EMV is just one important component of a comprehensive, multi-layered approach to payment security. Adding EMV as part of an overall data security solution allows merchants to better protect against fraudulent card use in addition to protecting their customers’ card data and their businesses from the risk of a data breach.

EMV Protection at the POS

There are powerful advantages for merchants who adopt EMV payments. By updating their POS systems to accept EMV payments, merchants are taking the necessary steps to build a future–proof infrastructure that will support emerging payment innovations, enhance global acceptance and reduce risk.

EMV Technology Benefits for Merchants

The EMV–enabled payment card has successfully reduced face-to-face fraud around the world – and is now making its way into your customers’ wallets. With a “future proof” terminal or peripheral, you can accept EMV cards now. And because EMV technology makes payment cards virtually impossible to copy and a PIN can verify the cardholder’s identity, merchants can significantly reduce the possibility of accepting counterfeit, lost or stolen cards.

Increases security and fraud protection to reduce some types of fraudulent transactions and charge-backs:

  • Reduces skimming at the point of sale
  • Enables increased PIN use for stronger cardholder verification
  • Helps prevent the use of counterfeit, lost and stolen cards

Helps merchants support the way cardholders will want to pay:

  • Meet expectations of cardholders who want more secure payment transactions
  • Accept foreign cards that are already EMV enabled
EMV for Independent Software Vendors

EMV for Independent Software Vendors (ISV) and Direct-Connect Merchants

With 44.1% of cards and 72.0% of terminals already supporting the EMV chip standard globally, adoption in the U.S. will probably be faster than in previous geographies2. For merchants with proprietary software or payment application developers who are interested in integrating EMV into their applications, First Data offers the Rapid Connect® solution.

Rapid Connect

Rapid Connect is a single point of integration with First Data that provides access to all payment types, all industries, all platforms, anywhere – including EMV. The Rapid Connect solution offers a feature–rich online test environment, readily–available support and immediate access to innovative payment technologies

First Data EMV Solutions

By partnering with First Data, you gain the following early–adopter benefits:

  • “First-to-market” protection against the potential fraud shift to non–chip cards
  • “Top-of-wallet” consumer preference advantages by issuing cards now
  • Control your card issuance schedule – and costs
  • Simplify the card issuance process down to the few important chip decisions that are critical for your business utilizing our streamlined implementation guide
  • Meet the needs of cardholders who travel by providing international card acceptance
  • One-stop-shop for chip card personalization and production at our state-of-the-art facility
EMV for Issuers

Increased Fraud Protection and Cardholder Usability

Making the move to EMV™ chip & PIN technology enables financial institutions to ensure international card acceptance for their cardholders and prepares issuers for growing merchant acceptance in the U.S. The EMV transition will include key decisions for issuers around:

  • Card interface (contact, contactless or dual)
  • Card authentication method
  • Transaction authorization method
  • Cardholder verification method
  • PIN management process

Chip Technology Benefits for Issuers

Increases security and fraud protection to reduce some types of fraud loss:

  • Prevents the use of counterfeit, lost and stolen cards
  • Reduces skimming at the point of sale
  • Decreases fraudulent transactions and charge-backs
  • Offers additional methods of cardholder verification

Improves customer convenience:

  • Provides seamless international card acceptance
  • Enables PIN transactions for both credit and debit cards, reducing the time it takes to sign for purchases
  • Supports contactless transactions which are approximately 53 percent faster than a traditional magnetic stripe card transactions

Drives innovation in emerging consumer technologies:

  • Chip–based applications can be embedded into a mobile wallet, enabling consumers to pay via their mobile devices
  • Chip technology works on the same contactless technology that also enables mobile payments at the POS

First Data EMV Solutions

By partnering with First Data, you gain the following early–adopter benefits:

  • “First-to-market” protection against the potential fraud shift to non–chip cards
  • “Top-of-wallet” consumer preference advantages by issuing cards now
  • Control your card issuance schedule – and costs
  • Simplify the card issuance process down to the few important chip decisions that are critical for your business utilizing our streamlined implementation guide
  • Meet the needs of cardholders who travel by providing international card acceptance
  • One-stop-shop for chip card personalization and production at our state-of-the-art facility

WHY MONIFY MERCHANT SOLUTIONS?

 

Monify Merchant Solutions - BETTER SOLUTIONS FOR YOUR BUSINESS TO BUSINESS PAYMENT PROCESSING

Monify is a full service payment solutions provider.

We facilitate electronic payment processing for Visa, MasterCard, American Express, Diners Club, JCB, EBT, debit cards, ACH, e-checks, and gift & loyalty cards. We also specialize in industry-specific payment methods like Fuelman, GASCARD, Voyager, Wright Express and TCH.

Next Day Funding

Processed funds are available within 24 hours. While other companies may hold onto your funds for up to three days, Monify Merchant Solutions offers the swiftest funding possible.

*Processed funds for petroleum customers are available within 48 hours.

Online Reporting

Our online account portal, provides dynamic reporting and rich analytics to help you quickly and easily navigate through your account activity, giving you access to every transaction, refund, retrieval, chargeback and deposit.

Local Support and Service

Knowledgeable U.S.-based customer support experts are available 24 hours a day, 365 days a year to make sure that service interruptions are quickly identified and resolved. One-on-one training is also available to ensure that your staff has the information they need to be successful.

Industry Expertise

With our background in the wholesale and convenience retailing industries, Monify can quickly determine the right processing solution for your business. Whatever your retail needs, we’ll match you with the equipment needed to exceed the rigors of your operation.

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