After the recent breaches of security for some of America’s largest corporations, there is a change coming soon in the world of credit and debit card transactions. Target, Home Depot, Michaels, and Neiman Marcus were some of the recent victims of hackers’ attacks, which led to the theft of millions of customers’ credit and debit card data. Fortunately, there is a solution: the EMV transition. Financial institutions are issuing customers new cards and updating their networks to be compatible with EMV data, while businesses will need to purchase new, EMV-capable terminals. Benefits of the switch will mean less fraud and increased security for participating merchants. Smart card adoption in the U.S., which is necessary for the implementation of a standard like EMV™, requires a thorough understanding of chip-based payment enablement. Merchants should start considering how EMV™ technology implementation would affect their businesses, and look into options for accepting chip-based credit and debit cards. With the deadline to make the EMV transition quickly approaching, Ignite Payments is here to help you save time, save money, and eliminate fraud today with EMV.
Source: Credit Card Processing EMV