New Product – Page 9

Oct 05 2015

EMV Pocket Glossary

Advice, Business, EMV, Industry, New Product, Tech

silver American express chip card shown dipped, or being processed, in an emv terminal With the liability shift here, we know that you’ve already got a lot on your plate. So we’re going to just take it easy and go over a few terms you may have already seen or will see as you continue to learn about EMV. This list can serve as a simple pocket reference during the transition. Print it out even, and refer to it as needed when reading your next article or blog post about EMV. We want the transition to be worry-free.

EMV: Short for Europay, Mastercard, and Visa, the developers of the card

Chip-enabled card: A credit card enabled with a microchip; also referred to as “chip and pin” or “chip and signature”, depending on the cardholder verification method

Fraud: the criminal use of a person’s credit card information to make unauthorized transactions

With the transition to EMV terminals, the US aims to decrease fraud. The US currently accounts for nearly half of all worldwide fraud. On a positive note, the EU has decreased card fraud by 80% since completing its transition to EMV cards, which means the US transition should be successful.

Liability shift: Starting October 1st the responsibility for fraudulent transactions switched to the party with the least EMV-capable technology

If fraud occurs with a non-EMV bank card, the bank is responsible. If fraud occurs as a result of a merchant’s POS system that can’t accept EMV-cards, the merchant is responsible. Only 20-30% of merchants are expected to use EMV-capable terminals by October 1st, with the remainder throughout the three to five-year transition period. So if you’re not there yet, don’t freak out. COCARD can work with you to determine a POS system that is right for your company’s needs.

Transaction authorization: When a chip card goes through rules set by the card-issuer to determine whether the transaction can be authorized; transactions can be authorized either online or offline

Card authentication: the process of making the card authentic or unique by providing a one-time code for the transaction

If someone does manage to actually steal this code and use it, the transaction would be declined since the code was already used.

Cardholder verification (CVM): how the issuer and merchant verify that the cardholder and the person with the card are one and the same. An EMV-terminal might require a pin, signature, or for low risk transactions, no verification method.

Mag-stripe card: Cards with a magnetic stripe on the back. Much of the world has already switched completely to EMV-cards, and the full-scale transition in the US is currently underway. Cardholder data on mag stripe cards is easy to steal using a simple card reading machine.

Cryptogram: A one-time code created during online authorization; a cryptogram validates that the chip and issuer are not counterfeit

That’s it. We hope that this glossary of terms is short and sweet, and that it provides simple definitions for terms that are often times used when discussing EMV.

And now that October 1st has come and gone we’re sure that your still standing strong. So don’t worry. Instead, continue to read up on EMV and take the information that is most valuable to you as a business owner. If you’ve got any questions, we at COCARD will be happy to assist. Feel free to give us a call at 800-317-1819.

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Sep 23 2015

NOW YOU HAVE A CHOICE!

Admin

Advice, Business, EMV, Industry, New Product, Tech

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Cartoon illustrations of an EMV Chip Card reader and EMV Credit Card

Sep 21 2015

The EMV Files: A Conversation with Chip and Terminal

Admin

Advice, Business, EMV, Industry, New Product, Tech, Uncategorized

Cartoon illustrations of an EMV Chip Card reader and EMV Credit Card

Last week we introduced Chip and Terminal, who have a lot to say about EMV, mainly because they are the main components in EMV technology. So we were lucky enough to be able to book a slot on their busy schedule this fall season to interview them and ask them a few questions. Personally, we think they’d be great on Bravo, but they might have competition with a real housewife or two.

COCARD: Hi Chip. Hi Terminal. We’re so glad that we could ask you two a few questions about EMV. Really, we’re honored. Could you just start by telling us a little bit about yourselves?

Chip: Sure, well I’m Chip, and I’m the small chip that’s embedded in credit cards with EMV technology. Banks have already started transitioning to cards including yours truly, and plan on having all cards in the US utilizing EMV technology within five years.

Terminal: I’m Terminal, and all cards containing chips, will be dipped into terminals to be read. I like to say that I give new meaning to dipping the chip. I provide a one-time code to authenticate the card. Because of this, your data is protected, preventing a person from stealing a code that is only good for one transaction.

COCARD: So when did you first realize that you worked so well together, that you were a great team?

Terminal: I’ll take this one Chip. We’ve had a couple of countries really benefit from EMV technology. There’s the UK, which reduced fraud by more than half between 2004 and 2013 upon implementing EMV cards. Then there’s Canada, eh, that started the EMV roll-out in 2003 and reported fraud of $29.5 million (CAD), down 79% from 2009, which was $142 million (CAD). So I would say that it’s taken some time to see the effects, but in the past few years, we’ve really seen the impact that EMV cards have had in reducing fraud for many countries around the world.

COCARD: EMV is new for many business owners. So I’m sure you understand how such a change might make people anxious. What would you say to assuage the fears of business owners everywhere?

Chip: Well, first the sky is not falling. It might seem like it, but it’s not. The proof is that it’s already been successful in other places, and the US is simply one of the few developed nations that has not adopted this technology. EMV, through its authentication process, is really what makes these cards, our cards, more secure. So they are a safe and secure way to pay for things. We think that any business owner can appreciate the feeling of comfort that security brings. The big thing for business owners to remember is that banks have a five year plan and that only 21% of US cards will have the embedded chip by the October 1st liability shift..

COCARD: Anything else you’d like business owners out there to know?

Terminal: We just want you all to stay informed. Keep learning. The more you know, we think the less you’ll feel out of your element with something that can benefit your business.

COCARD: Thanks Chip. Thanks Terminal. You were both great. We appreciate that you were able to take time out of your busy schedules—you two are in high demand—to spend a few minutes with us at COCARD. Have a great day.

Chip: You too.

Terminal: Yeah, thanks COCARD.

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Aug 31 2015

A Sky Without Limits, or Infinity and EMV

Admin

Advice, Business, Careers, EMV, New Product, Tech

CHip-B-W-968x1024 Chicken Little once said that the sky is falling. Yet it still remains intact above us. So while the transition from magnetic stripe to EMV might seem like a shift of cataclysmic proportions, the sky is not falling. Your company will successfully transition from magnetic stripe to EMV (many already have), and next time you look outside your window, you’ll see the billowy clouds resting above, and not on the ground.

Yet we also understand that with anything new comes fear. It’s normal. So we’ve put together a few facts to calm your nerves. We want you—the sagacious business owner that you are—to continue to make calm, smart decisions over the course of the transition.

Are you with us? Well, here goes:

A transaction using EMV technology will take around 60 seconds compared to under 2 seconds with a magnetic stripe card. Magstripe cards are swiped and provide the terminal with the credit card number and expiration date, which can be easily copied by a card reader. EMV terminals, on the other hand, require customers to “dip” the chip and verify customer data, which takes just a short while longer. During this time, the Chip and Terminal begin a conversation. Chip says, “Please authorize this transaction.” Terminal replies, “I’ll need to make sure you’re valid. I’ll also need to provide your card with a special code unique to this transaction because we can’t have any fraudsters trying to take your info.” Chip responds, “Sounds great.” Terminal says, “Now please sign, or enter your pin number.” EMV takes a few more seconds than a magstripe transaction, but your data is more secure.

Don’t panic. Although EMV has been adopted in Europe for over a decade, cards in the US still have a magnetic stripe. Card companies have accounted for the ongoing transition by allowing terminals to still accept magnetic stripe cards. Card issuers expect the full transition to take anywhere from three to five years.

The term “liability shift” sounds pretty intense, like if you’re not prepared, the earth will shift, and you’ll fall off the edge of it. Oh, Copernicus. Well, flat-earth jokes aside, the liability shift is not that cruel. It is simply a method to eliminate fraud. Starting October 2015, the party—either the business or banking institution—with the lesser technology will be responsible for the cost of fraud. Instead of thinking of the liability shift as a way for others to make money off of your hard work, think of it instead as a way to ensure all parties are working together to eliminate fraud, which cost US consumers $16 billion last year alone.

In short, the sky is not falling, and EMV is not the end of the world. Instead, it seems to be the beginning to new possibilities for business owners. It might be an uncharted territory, but EMV will provide companies with the tools to chart their own course by allowing them to directly address fraud, a concern that leaves many involved feeling powerless. So next time you look at the sky, we at COCARD hope that you view it with possibility, and nothing less than that.

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Aug 25 2015

The Truth About EMV!

Admin

Advice, Business, EMV, Industry, New Product, Tech

True. Bats see just fine, and in spite of the idiom “blind as a bat”, bats really have no reason to serve as the benchmark for people with less than perfect eyesight.

Popular myths aside, fall is indeed upon us, which means that the start date of October 1^st for the liability shift is near. Are you prepared?

To test your EMV preparedness, see if you can determine whether each statement is true or false.

There really is no proof that EMV is a safer way to protect data.

False, false, and false. Let’s look at two case studies. Since introducing EMV technology in 2004, the United Kingdom reported 62% less fraud in 2013. Canada has also reduced fraud losses to $29.5 million since transitioning to EMV technology. Fraud in Canada is down 79% from losses in 2009 ($142 million). With EMV technology responsible for the significant decrease in fraud in the UK and Canada, the technology aims to also decrease fraud in the United States as well, which currently accounts for nearly half of fraud worldwide.

All businesses—small and large—should be EMV-compliant.

True. No business is too small to adopt EMV technology. While it might be assumed that businesses with larger sales should adopt this technology, small businesses should also be sure to protect their sales as well. Leave it to a pesky fraudster to think ahead and target a small business because the merchant assumed that fraudsters only targeted larger companies. Prevent being caught off guard by being one step ahead of those who want to steal from you.

Adopting EMV technology is expensive.

For the business owner that thinks long term, false. The average cost of an EMV terminal is between $400 and $700. The average bill on a fraudulent card is $399. You do the math. While one fraudulent transaction probably won’t destroy you, starting October 1^st, you, and not the associated bank, will be responsible for repaying losses resulting from fraud if your business is NOT EMV compliant. You will also be penalized for the fraud that could have been avoided by installing an EMV card terminal. When you add it all up, $400 to $700 is a small investment compared to the possible cost of not adopting the technology. What’s more, card processors such as COCARD often discount card readers. So call us today, and we will work within your budget.

In addition to business owners, employees should also be trained on how to properly use EMV technology.

True. While you are schooling yourself on the ABC’s of EMV, don’t leave your employees in the dark. Whether through workshops, a training program, or printed manuals, employees should understand how card terminals work for both themselves and customers who need assistance. COCARD can work with you to develop a training program that’s right for your company.

So how did you do? Did you get the right answers? Regardless, this information will be useful as your company prepares for the coming liability shift and transition to EMV. With foresight, you can protect your company from fraud and ensure, to the best of your ability, an environment that maximizes both security and profits. There’s nothing batty about it, EMV we mean.

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Jul 23 2015

Have you heard about REVONU?

Admin

Business, New Product, Tech, Uncategorized

The complete POS solution for YOUR business!

Let us tell you about our simple and cost-effective combined point of sale solution. It’s Revonu; helping main street generate more revenue.

For more information about Revonu call – 1-800-317-1819 option #2, visit us on the web at: http://cocard.info/products/revonu/ or email revonu@cocard.info

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Jul 21 2015

Say goodbye to a one-size-fits-all solution for your business and say hello to Revonu!

Admin

Business, New Product, Tech, Uncategorized

Integrated hardware,cloud software & payment solutions.

Spend more time on the front-end of your business with our simple and cost-effective combined point of sale solution. By pairing state-of-the-art hardware with reliable cloud software and PCI compliant merchant processing, we’ve eliminated the hassle of dealing with multiple providers while allowing access to your business 24/7.

For more information about Revonu call 1-800-317-1819, email revonu@cocard.info or visit Revonu at http://cocard.info/products/revonu/

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Jun 05 2015

Merchants Show Increased Demand for Integrated POS

Admin

New Product, Tech, Uncategorized

NMPL5275-1024x682-1024x6821-1024x682 Basic processing systems will no longer cut it in the payment processing industry. A terminal is viewed as the bare minimum in today’s market, and merchants are finding it more necessary to integrate multiple technologies in their software applications. Now merchants are able to run their entire business and collect payments on the same device.

Aside from the decrease in technology prices, tablet technology now allows merchants to get all of the products they normally couldn’t afford in one simple tool. When this is coupled with the fact that merchants are becoming more skilled and innovative in the payment industry, it becomes apparent that tablet based systems is the answer to all payment processing problems.

POS systems used to cost thousands of dollars, but now with integrated technology, merchants are able to afford the programming with rates as low as $50 a month. Also, the fact that different merchants required varied solutions gives more power to integrated POS systems. Systems that cover more bases and provide more solutions are being created on a more frequent basis, and industry specific tools are developing rapidly.

Because the industry standard for tools has changed so much, it is more important than ever that your POS system is top of the line. CoCard not only provides state of the art POS programming for tablets and devices, but also has a mobile payment application called ‘CCMobile’ that completely integrates a merchant’s business transaction data. Whether your business is in retail, restaurants, or any other industry specific trade, allow CoCard to provide cutting-edge POS solutions to simplify your daily process and reduce expenses. Call us for more information!

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May 29 2015

Are You Ready for EMV?

Admin

Advice, Business, Industry, New Product, Tech

silver American express chip card shown dipped, or being processed, in an emv terminal You are probably hearing a lot about EMV in the news and maybe even receiving a few scary calls from merchant service providers who imply that EMV has something to do with PCI Compliance. For the record EMV has NOTHING to do with PCI Compliance and no matter what software you are running on your POS COCARD can manage your EMV. Relax, COCARD is ready for EMV and we are here to help YOU be ready too.

A little background: EMV stands for Europay, MasterCard and Visa; it is the global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. Have you heard about all the data breaches in the last few years? EMV is the card association’s answer to these breaches, the technology has been used in Europe for more than 10 years and they have seen a drastic reduction in credit card fraud.

What happens?

In the beginning your exposure will be minimal because the only liability for fraud will be with cards that have chips implanted. However, as time goes on, and if EMV becomes the new standard, your exposure will increase. If a chip card is used at a business that has not changed its system to accept chip technology and this chip card is fraudulent then the counterfeit card can be successfully used and cost of this fraud will fall back on the merchant.

What does this new technology mean to your business?

The switch to EMV means adding a new in-store technology to your current processing system or not. Chances are you may already be EMV ready but in either case don’t worry, COCARD is here to help! Most importantly the EMV technology means greater protection against fraud in your business.

For ongoing updates and the most current information about EMV, PCI, card association updates and fraud alerts like us on Facebook and follow us on Twitter.

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Aug 26 2014

Feeling Lucky? Try Clover!

Admin

Business, Industry, New Product, Tech, Uncategorized

Clover, a point of sale system which accepts contactless payments and EMV cards, shown in white with receipt printer and barcode scanner.

At CoCard, we’re devoted to making sure our clients find the POS systems best suited to their needs. So we’re thrilled to be adding the Clover POS system to our roster of services! In case you’re unfamiliar, a Clover Station is a cash register, terminal and POS system in one that allows business owners to accomplish a range of tasks within one inclusive system. With Clover, you can track your inventory, view reports, and manage employees, while juggling various other tasks. While this system can certainly be implemented at numerous business types, CoCard finds that Clover is the best fit for quick-service restaurants, full-service restaurants and specialty retailers. Thinking about switching? Call us at 1.800.317.1819 or drop us a quick line at sales@cocard.info.

SEE THE CLOVER POS HERE

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