Twitter Chat Looks at EMV Chip Card Revolution

EMV chip cards are coming as a replacement for traditional magnetic strip cards.

What does this mean for your business? Well, for one thing, it means your customers will soon be presenting a different kind of card of payment

Will you be ready?

In a recent Twitter chat, First Data @FirstData, a payments technology provider, offers the community some suggestions for getting your company ready to except EMV payments.

Small Business Trends CEO Anita Campbell @Smallbiztrends moderates “EMV 101: What You Need to Know About Chip Cards” and members of the community ask some questions. You’ll also learn about the benefits of the new technology for protection against fraud — and the dangers of not adapting to the new technology. See excerpts of the chat below or view the full Twitter chat at #EMV

Q1: Let’s start with the basics. What is EMV? #EMVTalk

— Anita Campbell (@smallbiztrends) April 28, 2015

A1: (2) #EMV is a fraud-reducing technology that protects issuers, biz & consumers from losses caused by counterfeit card fraud. #EMVtalk — First Data (@FirstData) April 28, 2015

A1: (3) #EMV cards have a special chip that tells a #POS device whether a card is valid. #EMVtalk

— First Data (@FirstData) April 28, 2015

So what exactly do small businesses need to know about accepting these new cards?  

@smallbiztrends A6: isn’t there an encrypted code that will be assigned to them for each transaction? And no more swiping? #emvtalk — Erin Schurtz (@erinschurtz) April 28, 2015

A6: (1) Using an #EMV card is different from just swiping a credit card. #EMVtalk

— First Data (@FirstData) April 28, 2015

A6: (2) Customers must dip their cards into the terminal and enter their PIN if necessary. #EMVtalk — First Data (@FirstData) April 28, 2015

Think the EMV chip card revolution won’t affect your small business? Ah, think again. As Data First reminded the recent chat audience:

A3: (1) Starting in October, if biz owners don’t have an EMV-standard #POS… #EMVTalk — First Data (@FirstData) April 28, 2015

A3: (2) …and a customer paying with an EMV-ready card is a victim of fraud, the owner assumes liability… #EMVtalk — First Data (@FirstData) April 28, 2015

A3: (3) Meaning they will be liable for any and all fraudulent charges, which may be financially devastating for small biz people. #EMVtalk — First Data (@FirstData) April 28, 2015

See? Of course, this explanation only raised more questions:  

@Lyceum Security is collaborative. Issuers do their part by creating chip cards. Merchants need to do their part by accepting them. #EMVtalk — First Data (@FirstData) April 28, 2015

Are EMVs for everyone, or just for a specialized niche?

Q7 (1): Do EMV protocols vary by industry? #EMVTalk

— Anita Campbell (@smallbiztrends) April 28, 2015

A6: (2) Customers must dip their cards into the terminal and enter their PIN if necessary. #EMVtalk — First Data (@FirstData) April 28, 2015

Still, EMVs aren’t a magic bullet. Thy cannot protect against every kind of fraud.

@erinschurtz EMV addresses card-present counterfeit fraud, not ecom fraud. You can work w/ your payment processor like @FirstData. #EMVtalk — First Data (@FirstData) April 28, 2015

Want to learn more about EMVs and how they work? See the infographic from First Data telling you more:

Infographic: How Tokenization Protects Consumers, by First Data.
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Disclosure: Anita Campbell has been compensated to participate in this Twitter chat.
EMV chip card photo via Shutterstock

This article, "Twitter Chat Looks at EMV Chip Card Revolution" was first published on Small Business Trends