Ready Or Not-Smart Cards Are Coming!

There’s no getting around it. EMV – also referred to as “Smart Cards” or “chip and PIN” — is well on its way to the United States. Widely used in other countries, EMV is the global standard for secure transactions, slated to replace the current signature-based credit and debit card system by the end of 2015. The key element of EMV involves using dynamic digital data in every transaction, greatly increasing security and reducing the risk of fraud.

If you haven’t given EMV much thought, or if it seems too far in the future to worry about, here’s a word to the wise: The future is here. Now is the time.

Ready or not — EMV is coming.

Now, more than ever, customers expect their transactions to be safe, secure, and protected. High profile, highly publicized breaches, like the ones that occurred Home Depot, Target, and others, have put them on high alert. As customers are on alert, merchants expected to have the technology in place to protect customer data and provide peace of mind. EMV is such technology, making it significantly harder for hackers to gain mass access to account information—like they did in the Home Depot and Target breaches.

Although EMV will not come into effect until October 2015, delaying migration could be risky business. Many are taking steps to adopt the technology now. Since the U.S. is one of the last countries to make the shift – and as fraud becomes harder to commit in countries where EMV is more advanced – fraudsters will likely focus their efforts on non-EMV targets here. Adoption of EMV technology can help you avoid risk and liability for losses in the event of a breach.

In addition to minimizing the very real risk of a security lapse, taking early steps toward EMV also delivers business benefits. If you start preparing now, your transition can be relatively painless and hassle-free. You can budget for the cash outlay necessary for EMV hardware purchases, you can plan for IT infrastructure changes, and you can avoid the chaos and disruption to day-to-day business operations that are inevitable if the EMV deadline sneaks up and catches you unprepared.

Having a trusted partner alongside you for your EMV journey is critical to a smooth migration. As you prepare for this shift in payment technology, be sure to ask your payment processing provider if their solution – and their devices – are PCI compliant, EMV-ready and NFC capable.

If you’re ready to learn more, your partners at Charter and ChargeItPro are ready to help. ChargeItPro version 5 and their new devices are PCI-compliant, EMV-ready and some also support NFC payments (such as Apple Pay). ChargeItPro team members are always available to answer your EMV questions, help you craft a strategic roadmap for your migration, and guide you to a solution that suits your needs today and sees you well into the EMV future.

Have questions? Contact ChargeItPro at 800.989.2135 or email sales@chargeitpro.com or review our detailed FAQ sheet on the “ABCs of EMV.”