In October 2015, chip cards, that use a standard called EMV, will soon become part of processing standards in the United States. Developed by Europay, MasterCard and Visa, EMV was designed to be a more secure way of paying. Magnetic-stripe cards without the chip will continue to work but soon most customer’s credit or debit card will have it’s own highly-recognizable embedded microchip.
- Card Authentication, protecting against counterfeit cards.
- Cardholder Verification, authenticating the cardholder and protecting against lost and stolen cards.
- Transaction Authorization, using issuer-defined rules to authorize transactions.
In sum, it all adds up to making sales more secure and fraud less likely to occur. For more detailed information, visit this EMV FAQ guide on what this technology is and what it can offer.
So what is Breadcrumb doing to prepare for the switch to EMV? Our payments team is actively working to update our payments gateway to support EMV and are evaluating the necessary hardware and software solutions before October 2015. We will continue to keep all of our customers updated as we move forward, stay tuned!