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EMV FAQs

AMX-CHASE-B-W-1024x992Watch out—the future has arrived. And they call it EMV. As the target date for businesses to accept EMV payment cards draws near, make sure your business is ready to transition seamlessly from magnetic stripe cards to EMV. October 1st is upon us. Are you ready?

This list of FAQs will help you answer lingering questions and stay abreast of new developments with EMV technology.

What does EMV stand for?

It is an acronym for its developers Europay, Mastercard and Visa.

What’s the main difference between the cards we use now and EMV cards?

Magnetic stripe cards are the cards currently used in the United States and have a magnetic strip on the back. These cards are swiped through a card reader and contain static financial information that can be easily duplicated by card readers. EMV cards, on the other hand, contain a microchip that produces a new code with each transaction, preventing fraudsters from gaining access to sensitive data on the card. EMV cards are therefore more secure than magnetic stripe cards, and are responsible for a worldwide decrease in fraud.

How will switching to EMV directly benefit my business?

Great question. EMV will benefit your business threefold. First, your risk of chargebacks based on fraudulent transactions is greatly reduced. Whereas banks bore the brunt of the financial weight for fraud in the past, companies that have not adopted EMV technology will now be held accountable starting October 1st, when the liability shift starts. Adopting EMV technology will protect your business from costs associated with fraud. Second, as technology evolves faster than you can say Darwin, EMV is simply the beginning. Most of the hardware that accepts EMV will also allow your business to accept payment innovations such as mobile apps (i.e. mobile couponing and loyalty programs) and contactless payments. Third, you will be able to accept payment from visitors from other countries. Much of the world has already adopted this technology and no longer uses magnetic stripe cards. So prepare your business to increase profits by switching to a payment technology that more people can use.

I’ve been hearing the term “liability shift” a lot lately. What exactly is it?

It is when liability for card fraud switches from banking institutions to merchants. On October 1, 2015, businesses that aren’t updated to accept EMV cards will be held responsible for card swiped transactions on EMV capable cards that are found to be fraudulent. And penalties can be costly, particularly for small businesses. However, if your business is EMV-compatible, you will not be held accountable for fraudulent transactions.

As a small business owner, every penny counts. How much will it cost me to install an EMV-capable terminal?

EMV card readers cost between $400 and $700 but are often discounted through payment processors such as COCARD. Speak with us today—your EMV solution might even be free.

One thing to remember is that as the United States fully transitions to using EMV technology, cards will include both the microchip and magnetic strip. The process is expected to take anywhere between three and five years.

COCARD aims to develop our reputation as experts on EMV. We will continue to keep you posted on new developments and new ways of looking at this groundbreaking technology.

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The Basic Guide to EMV

FullSizeRenderMaybe you’ve already gotten a glimpse; a customer pulls a credit card out of his or her wallet, and as they swipe, you see a chip that’s embedded in the card. Don’t freak out. You don’t have to work at Google to get it. You just have to understand a few simple points about this new chip.

Let’s demystify the mystery, decode the data, and simplify the complexity of EMV.

Use these tips as a basic guide to bring your company into a new era of safer, more secure transactions.

 

• Update, update, update. EMV technology is new to the US, and the truth is that not all POS machines are already EMV-capable. What this means is that you should check both your hardware and software to see which components (whether some or all) should be updated, which brings us to our next point.

• Stay connected with all parties involved. No EMV machine is an island unto itself. Your POS system requires cooperation with your bank, processor, and other individuals or companies connected to your POS system. Find out what they have to say about EMV to stay current with any updates regarding the technology. It will allow for a more seamless transition.

• Think smart. Plan ahead, and stay one step ahead of the game. Once you’ve got the ball rolling on updating your POS system, consider other ways in which your system can stay smart. This includes considering a cloud-based POS or tablet solution like Revonu POS by COCARD.

• Consider COCARD. If you are considering a POS provider, we have a number of options available for POS systems and can help you decide if a new system is right for you.

• Carry an umbrella. You should always plan for a rainy day. Although it’s unlikely, there is always the slight possibility that your POS will break down. It isn’t fair, we know; but stuff happens. You should make a back-up plan to prepare for the off chance of the unexpected. Did you know that the Revonu package by COCARD includes a FREE EMV terminal?

• Teach your employees to fish. We promise, this is the last metaphor. Here at COCARD, we believe that employees should be trained in the ways of EMV. That means that they should understand the technology and know how to use it. After all, having truly knowledgeable employees makes the company look good.

So that’s it, six key points to remember about EMV. As you continue to learn more about this new technology, use this as a basic guide during your company’s transition to EMV.

The EMV experts at COCARD are available to answer any questions you may have!
800-317-1819 or support@cocard.info

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A white revonu point-of-sale system showing android tablet with restaurant pos software running.

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

A white revonu point-of-sale system showing android tablet with restaurant pos software running.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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What EMV Means to You, The Business Owner

FullSizeRenderDid you know that nearly half of all credit card fraud worldwide occurs in the United States? Considering that only 24% of credit card sales are made in the US, this number is surprisingly high. To combat fraud, the United States is currently transitioning to credit cards that use EMV technology, which will increase security and reduce fraud for all credit card transactions. The technology is slated to revolutionize the way you do business by allowing merchants to transition to a safer standard of payment processing.

What exactly is EMV, you might ask? Taken from the name of its original developers Europay, Mastercard, and Visa, the technology includes a microchip embedded into a credit card that produces a one-time code each time it is used. A customer will still verify the transaction with either a signature, pin number or both. Small transactions, however, may not require either.

Because a new code is produced with each transaction, the cardholder’s personal information remains secure. Here’s why.

If a hacker does in fact steal information from a specific point of sale and replicates the card, the new card will be denied since the information on the original card changes with each new transaction. The stolen information is invalid—it was only valid with the cardholder at the time of purchase.

Cards with magnetic stripes, on the other hand, can be duplicated easily with a card-reading device. This device skims card information allowing criminals to create counterfeit cards.

Eighty countries have already adopted EMV chip technology. The United States will be one of the last countries to adopt this technology. By the end of 2015, the United States will have issued 70% of credit cards and 40% of debit cards as EMV cards.

What this means for merchants is that your business will need to soon become EMV-compliant, if it isn’t already.

The target date to acquire this technology will be October 1st of this year, at which point the Liability Shift starts. Merchants who are EMV-compliant will not be liable for losses due to card fraud; but if a merchant is not EMV-compliant, he or she will bear the cost of fraudulent activity. Prior to, banks were responsible for bearing the costs associated with card fraud.

To ease the transition, which is estimated to take three to five years, credit and debit cards issued in the United States will include both microchips and magnetic stripes.

The future of payment processing is upon us. Prepare your business to succeed by working with COCARD to transition to EMV technology today.

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EMV and the Challenges that Face Payment Processing

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EMV and the Challenges that Face Payment Processing

In order for a business to run successfully, the simple act of paying for a product or a service using a credit card or a debit card should be efficient, fast, and most importantly, safe. And because it is money that is at stake here, there are a lot of regulations in place to make sure that the processing of payments using a card is safe and secure. One of the ways that makes card payments more secure is the EMV technology, where payment cards used in an ATM and POS terminals have been embedded with microchips. This form of payment technology has long been in use and is widely accepted in many regions such as Europe, Canada, and Asia Pacific. Ironically, the US – considered to have the largest number of plastic card users – is one of the countries that have not – yet – fully optimized this otherwise global standard.

The Advantages of EMV

Note that an EMV-embedded chip is a lot more secure than the traditional magnetic stripe method, especially when it comes to face-to-face credit/debit card transactions. Theft and credit card fraud is rampant now more than ever, but using this embedded chip has added another layer of protection against consumer fraud. Once the card has been inserted into a terminal, the payment will then be authenticated and processed using the EMV network. Also, the chip contained within the card is hard to duplicate, making it very hard for swindlers to duplicate your customer’ cards.

What Does This Mean for You?

If you are in the process of upgrading your accepted payment methods, it is important that your POS terminal also be equipped with an EMV chip card reader. You will create more credibility and garner more customers in the marketplace by utilizing this more safe and secure payment method. There will be increased consumer confidence which will drive up more sales and increase your profits in the long run.

What Happens When You Don’t Update

There have been changes made to the EMV Liability Shift. Currently, if a payment processing transaction has been approved and it turns out to be fraud, the card issuer is the one that absorbs the loss. With the new rule, however, liability shifts to the merchant who has not implemented the EMV technology. If and when fraud happens, the responsibility falls on the party who makes the transaction – which means YOU, the business owner.

How to Prepare Your Business for EMV Migration

All you have to do is update your card reader. It’s that simple. If you upgraded your POS recently, then your terminal is most likely already EMV-ready. Whatever the case may be, all you have to do is contact CoCard and we’ll help you understand what changes you need to make to prepare your business for the EMV migration.

Improving on your current payment processing system is not that complicated – and with CoCard’s help you will be able to implement EMV into your business.

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Five Tips for POS Security

NMPL5377-1024x682-1024x682Point of Sales security is always a relevant issue for a merchant services provider. With the recent string of data breaches that have happened to well-known businesses like Target and Verizon, there are plenty of reasons to feel like your POS’s security system may not be up to snuff.

Although hackers are becoming better each day at getting access to essential data, there are multitudes of ways to help toughen the process for a determined hacker. The two major forms of hacking involve either the use of an attachable hardware device to the POS system, or using malware to hack into a POS network. Although there is no surefire way to prevent either of these things from happening, here are five tips that will help improve the security of your POS system.

  1. Always maintain the most up-to-date POS software.

POS system updates can be a drag, but oftentimes these updates provide crucial security patches that ward off malware and other hacking technology. Rather than updating technology quarterly, update the technology as frequently as possible. It’s hard to stay a step ahead of cybercriminals, but if you’re always improving, it makes the task more difficult.

CoCard provides cutting-edge POS services, featuring top-notch security and management tools.

  1. Install Firewall and Anti-Virus Software to boost your network’s immunity.

Similar to keeping up-to-date POS Software, installing new Firewall/Anti-virus software is critical. It adds an extra dimension to the security system already in place at your firm, and puts yet another wall between you and a potential hacker. Programs like Barracuda and McAfee are good choices.

  1. Create intricate passwords that are frequently changed.

This is an extremely overlooked habit that should always be practiced. Many times, hackers have no problem getting past security systems because the passwords in place are entirely too simple and intuitive. Always change from the default password that was provided for your system, and never make it something simple like “Password1” or your birth date. Find something that isn’t easily guessed, and change the password frequently, preferably every two or three months.

  1. Deny internet access from POS Stations and Terminals.

Keeping POS computers off the internet vastly reduces the risk of viruses and other internet-based malware. Only connect your system to the internet for necessary POS activities, and avoid general internet usage. Don’t give a hacker the chance to get to you by staying clear of their sights.

  1. Disable Remote Access.

Although we get accustomed to allowing IT professionals and employees to use the POS system from remote locations (not necessarily in office), hackers have a far easier time finding your device’s information when it is used away from a terminal. Restrict access to programs as much as possible, and you have vastly decreased your risk for hacking.

Although none of these solutions are fool-proof, they are steps that over time can make a big difference in your program’s safety. When thousands of potential clients’ credit information is in your hands, why take the risk? Just like you take vitamins to protect your immune system, take precautions to protect your POS system!

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Merchants Show Increased Demand for Integrated POS

NMPL5275-1024x682-1024x6821-1024x682Basic 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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silver American express chip card shown dipped, or being processed, in an emv terminal

Are You Ready for EMV?

silver American express chip card shown dipped, or being processed, in an emv terminalYou 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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Clover, a point of sale system which accepts contactless payments and EMV cards, shown in white with receipt printer and barcode scanner.

Feeling Lucky? Try Clover!

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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