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Fake Credit CardsAs of October, America is joining the rest of the world in embracing compliance with the EMV credit card processing system. While change to an established system can involve a certain amount of uncertainty and adjustment, it’s ultimately beneficial not just to businesses, but to consumers, as America joins the rest of the world in using this system.

The single biggest advantage of the EMV system compared to past systems is the method of authentication, and the fact that America, coming to the system later, is now using a payment standard well established in the rest of the world. EMV credit cards have a microchip installed that requires a Personal Identification Number, or “PIN” before a credit transaction can be validated.


In other words, this means that rather than confirming a credit card transaction through a signature, which merely confirms consent, the PIN also confirms identity, since only the actual credit card owner can know the PIN.

This is why the official recognition of compliance for the system in October is so important. The use of the PIN for credit card transactions significantly reduces the chance of credit fraud in real world situations, since it is much more difficult for others to steal the PIN of a random customer. The fact that this standard has already been used in many other countries for years now also means that the USA doesn’t have to play guinea pig, setting an example for the rest of the world on how to implement and use the system. It’s already been tried out in several countries under real world, merchant conditions for years, so it’s an already proven system.

By using the EMV system, this also means that it is much easier for tourists from other countries to make purchases in American stores, now that their EMV cards are compatible with those businesses that modernize their payment processing systems. Many shoppers from other countries prefer the use of the PIN system employed by EMV, so being able to display it in a store is a vote of consumer confidence for a shopping demographic that might have otherwise passed on by to shop at another location premarin cream.

EMV cards also have the benefit of enjoying lower interchange fees as compared to a traditional signature system. Credit card issuers actually prefer merchants to use the traditional signature system because, despite the higher chance of fraud, they charge higher interchange fees on signature interactions, and subsequently make more money off business owners that use this older, less secure system.

Of course, if you have customers that still prefer the more traditional methods of credit card payment that use signatures, it’s still possible to use these systems. There are payment processing devices that can accommodate both. But as we move into the future, where secure transactions are more and more important, the EMV credit card—and other systems like it—are going to become standard for consumer transactions. Make sure that you’re up to date with this globally accepted credit card transaction standard.

Posted in Payment Processing on Dec 15, 2015