A Preview of EMV Software
EMV software is considered the global standard for smart card payment processing. Its initials are derived from Europay, MasterCard, and Visa, the major credit card companies involved in developing the industry standard and technology behind its enhanced encryption processes. Before EMV technology was integrated into debit and credit cards, these cards contained only a magnetic strip stored identifying information from the issuing bank.
Now, EMV software solutions are compatible with both chip cards that must be inserted into the payment machine and touchless smart cards. EMV chip cards enable more secure payment transactions because they are much more challenging to duplicate illegally and may require the entry of a PIN code instead of a physical signature. The above allows merchants to almost instantly receive notice of a potentially fraudulent transaction and provides notifications of suspect transactions in real-time.
Benefits of Using EMV Software Solutions
EMV technology has been widely embraced by financial institutions and merchants alike as a strong deterrent to a recent rash of data hacking incidents involving customers' identity theft. The additional verification processes that are implemented into each transaction involving a chip card make it much easier for visual financial transactions and more difficult for hackers to replicate. Some major corporations have had to reconcile with severe public backlash after becoming the unenviable example in recent news stories about data breaches involving customers' personal financial information.
While consumers certainly benefit from fewer incidents of fraudulent transactions involving stolen credit card data, the most significant advantage is for merchants. Consumers can now shop with more confidence both online and in traditional brick and mortar stores. They are less likely to avoid doing business with companies because of fears of data breaches. By investing in sound data protection and innovative certified EMV systems as compliant at the outset, companies can preserve their reputation as a secure and safe merchant to do business.
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