For you and your customers, payment security that limits fraud is always a priority and that’s why EMV technology is important to adopt—particularly now that it’s officially mandated for c-stores making your store liable for chargebacks.
EMV, the microchip technology that makes debit and credit cards more secure was originally named after Europay, Mastercard and Visa, but it’s now managed by a larger group of financial companies, including Visa and Mastercard with the additions of JCB, American Express, Discover and China UnionPay. And there is good reason why, they are mandating the use of EMV: on average the magnetic stripe was costing them $400 million per year.
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EMV security largely comes from a one-time use code that changes every time the card is used—that makes it much more difficult for a thief to lift your customer’s information. EMV also works in conjunction with tokenization (the use of “token” information that protects more sensitive information). By securing your customers’ card transactions, you also help keep transaction costs down and protect your brand.
EMV can also help you do more than reduce fraud and increase secure payments. With a customer engagement platform that works with your EMV system you can engage your customers, push your loyalty programs, gain more chances to get customers into your store—and increase revenue.
On top of the security it brings and the added ways you can increase customer engagement—EMV also works in conjunction with near field communication, the technology that lets two separate devices communicate. Why is that important? It enables contactless payments—the way your customers want to pay now and in the future.