If I Lost Old Lease Can I Create New Onw EMV Frequently Asked Questions

You are searching about If I Lost Old Lease Can I Create New Onw, today we will share with you article about If I Lost Old Lease Can I Create New Onw was compiled and edited by our team from many sources on the internet. Hope this article on the topic If I Lost Old Lease Can I Create New Onw is useful to you.

EMV Frequently Asked Questions

October of 2015 ushered in one of the most significant changes in the acceptance of credit/debit cards for payment of goods and services. EuroPay, MasterCard and Visa, or more commonly referred to as EMV is providing a huge step in protecting merchants and their customers from fraud. However, with the implementation of EMV, has come much misunderstanding and, in some cases, misplaced fear. My hope is that the format and content of this article will bring about much needed clarity. So, with that said, let’s begin:

Is it true that, as a business owner, if I accept a lost, stolen or fraudulently replicated credit card for payment that I could be financially liable for losses?

Well, in a word, yes you could be potentially liable. To limit and possibly eliminate your risk, you must absolutely be utilizing an EMV equipped terminal. Many merchants are still using the old, now outdated, credit card terminals with mag-stripe readers, which puts them at unnecessary risk.

Where and how can I get one of these new terminals?

Your current merchant services provider should be able to upgrade you with a new terminal, most likely at some cost. More than likely there have also been many sales types knocking on your door, instilling fear in you regarding this risk shift and have attempted to sell you a new terminal, or worse yet, set you up in an iron-clad long term lease. Unfortunately, there have been many, in this industry that have utilized this massive change in the payment landscape as an opportunity for personal financial gain. Be informed, free terminals are also available to merchants.

How are these new EMV terminals different than the terminals we have been using for years?

While at first glance, these new terminals look very similar to your existing terminal because they still have the mag-stripe reader on them (we’ll discuss why in a future question). The difference is that the new terminals have a slot where a smart chip embedded credit card is inserted into the machine rather than simply being swiped.

So, when I accept the card for payment, how is it actually processed differently?

Your customers insert the “chipped” end of the credit card into the smart chip reader found on your EMV ready terminal and the card remains there for the duration of the transaction. This allows the chip to create a unique, one-time use digital signature for that specific transaction, which the terminal is able to read, decipher and encrypt. In turn, this direct communication between the card and terminal greatly minimizes the risk related to fraudulent transactions. Further, the data transmitted by the EMV chip card is constantly changing, making it nearly impossible to replicate.

It seems like that process would take quite a bit longer than swiping a card.

The transaction time may take a few seconds longer simply because of the additional required security steps. However, remember, this additional time is for yours as well as your customer’s protection. EMV contactless transactions can also be performed utilizing a NFC (Near Field Communication) equipped terminal. These transactions are slightly faster than those where the card is inserted.

What happens if the chip in a card becomes damaged and can’t be read be read by my machine?

It’s pretty unlikely that a chip would become damaged because they are pretty well-embedded in the card. However, if you do experience this situation you would simply perform what is called a fallback transaction using the mag-stripe reader. In this scenario, there would be no need for you to be concerned about liability for fraudulent transactions because you had EMV equipment in place and it did not cause the inability to process the transaction. In fact, the point-of-sale terminal will document that the more secure chip embedded form of transaction was initiated first.

If the chip is damaged, can the card number be manually entered?

If the card/chip is damaged and cannot be read, the machine will prompt the customer to re-insert the card a couple times. If it still can’t be read, the mag-stripe reader should be used as discussed above. While manually keying in the transaction is an option, it could have liability shift consequences which you want to avoid at all costs.

I’ve heard that some chip cards require a pin while others require a signature. What is the difference?

The card issuing entity determines whether the cards they issue require a pin or signature. This EMV migration is huge in the payments industry and issuers want to make it as simple as possible for consumers. Since consumers are already accustomed to providing a signature for credit card transactions, this is what will be prevalent in the marketplace, at least for now.

Will the EMV liability shift that went into effect in October 2015, cause any change in Interchange Rates?

While Interchange Rate changes, either up or down, is always a possibility, there have been none as of this writing that were a direct result of EMV implementation.

While this article is not meant to be an exhaustive representation on the topic of EMV, it does, I feel cover the most frequently asked questions. We will continue to see this industry evolve and become much more sophisticated over the coming years for the protection of all involved.

I hope this new year presents you with new opportunities and increased profitability in your business as well as a renewed sense of purpose for your life.

Video about If I Lost Old Lease Can I Create New Onw

You can see more content about If I Lost Old Lease Can I Create New Onw on our youtube channel: Click Here

Question about If I Lost Old Lease Can I Create New Onw

If you have any questions about If I Lost Old Lease Can I Create New Onw, please let us know, all your questions or suggestions will help us improve in the following articles!

The article If I Lost Old Lease Can I Create New Onw was compiled by me and my team from many sources. If you find the article If I Lost Old Lease Can I Create New Onw helpful to you, please support the team Like or Share!

Rate Articles If I Lost Old Lease Can I Create New Onw

Rate: 4-5 stars
Ratings: 1646
Views: 26399576

Search keywords If I Lost Old Lease Can I Create New Onw

If I Lost Old Lease Can I Create New Onw
way If I Lost Old Lease Can I Create New Onw
tutorial If I Lost Old Lease Can I Create New Onw
If I Lost Old Lease Can I Create New Onw free
#EMV #Frequently #Asked #Questions

Source: https://ezinearticles.com/?EMV-Frequently-Asked-Questions&id=9285913

Related Posts

default-image-feature

Install Windows On New Hard Drive From Old Hard Drive How To Repair The 0x00000019 Error On Your System

You are searching about Install Windows On New Hard Drive From Old Hard Drive, today we will share with you article about Install Windows On New Hard…

default-image-feature

Install Windows 10 On New Pc From An Old One Download Rootkhp – Root Androids Successfully

You are searching about Install Windows 10 On New Pc From An Old One, today we will share with you article about Install Windows 10 On New…

default-image-feature

Install Steam To New Hdd But Keep Games On Old Toys in the Car?

You are searching about Install Steam To New Hdd But Keep Games On Old, today we will share with you article about Install Steam To New Hdd…

default-image-feature

Install Steam New Hd But Keep Games On Old Hd Fix APB Error Code 8 Steam

You are searching about Install Steam New Hd But Keep Games On Old Hd, today we will share with you article about Install Steam New Hd But…

default-image-feature

Install Old Primary Hdd In New Computer As Secondary Hdd What is the Difference Between SATA and PATA?

You are searching about Install Old Primary Hdd In New Computer As Secondary Hdd, today we will share with you article about Install Old Primary Hdd In…

default-image-feature

Install Old Hard Drive With Windows 10 In New Computer Avast Cleanup Review – A Computer Cleanup & Optimization Program That Really Works

You are searching about Install Old Hard Drive With Windows 10 In New Computer, today we will share with you article about Install Old Hard Drive With…