Credit or Debit Card

EMV and the Challenges that Face Payment Processing

Close-up view of chase EMV chip credit card

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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Who We Are

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CoCard is an industry leader in Point of Sale / POS payment processing with advanced debit and credit card processing software and hardware.

Since 1999, CoCard has led the way in payment processing services, staying one step ahead of the curve. During this time, we’ve built a strong reputation in the processing industry and gained both the tools and management to turn your business into everything you have ever dreamed.

CoCard has also developed one of the most complete and robust selections of payment and authentication services in the industry, making CoCard the perfect option for a business that’s just getting on its feet, or one that’s been established for years.

What We Do

CoCard offers a wide selection of fully integrated, bank-neutral credit card and cash management products. We enhance our core-product offerings with best-in-class risk management and authentication tools. Your business’ security and safekeeping is the highest priority for CoCard.

We link merchants and entrepreneurs to customers and financial institutions, overseeing the secure transfer of funds. In seconds, we are able to securely process MasterCard, Visa, American Express, Discover, JCB and many other card types on behalf of any merchant card issuers.

Our Mission

Our mission is to make your electronic payment and authentication services simple, reliable, secure and cost effective. Simply put, we strive to offer you the best merchant services available.

HOW WE ACCOMPLISH OUR MISSION

Bank Certified and Recommended

Many merchant service providers claim to be as qualified and distinguished as CoCard, but very few have been certified and recommended by major banks. Bank certification ensures that all payment and financial systems have been rigorously scrutinized for accuracy and reliability. Banks only recommend organizations that have ample training and support mechanisms in place to serve their customers. Because CoCard is bank certified and recommended, you can be assured that we will serve your needs with the highest level of expertise.

Person-to-Person Service – One Call Resolution

CoCard works as a consultant for our customers. Our support technicians take the time to provide you with good advice and get you online fast and hassle-free. We are there for you when you need help the most. When you call our offices, you talk to a real person who can address your real needs. Stop arguing with an automated voice, and start conversing with a living, breathing professional.

Security

CoCard protects you and your customers with our industry-leading 4096-bit encryption and SSL. Our systems are monitored 24 hours a day by one of the leading firewall monitoring and intrusion detection firms. Any attempts at unauthorized access to our systems are immediately logged and appropriate security measures are taken. In addition, CoCard and its affiliates are all PCI compliant. Your business’ security and safekeeping are the highest of every employee’s priorities.

Speed

Every second counts for you and your customers. CoCard’s support and equipment ensures that your customer will be taken care of in a timely manner. Your marketing and sales strategies are optimized by efficient payment systems, so you spend less time calculating, and more time reaching potential clients.

Simplicity

CoCard specializes in electronic payments, so you don’t have to be an expert. We have a wide variety of integration methods and APIs available for all popular operating systems. We have invested in enterprise class servers and redundant data/banking feeds, and we hire skilled, trained technicians to oversee them all . Our systems are monitored 24 hours a day from 3 different locations to ensure that our services are always available to our clients.

Accuracy & Availability

With CoCard, your credit card transaction, electronic checks truncation, and gift and loyalty information is available to you for review 24 hours a day, seven days a week.

Flexibility

We want to earn your business, which is why CoCard is dedicated to building commerce solutions customized to your needs. In addition to integrating the best in third-party, risk-management services, we have developed many of our own services in-house. The CoCard system can be used for small-business segment applications, as well as large complex financial applications.

Low Cost / High Value

CoCard provides the best value in the industry with our extraordinary services at low cost. Some of the most recognized names in business have chosen the CoCard solution for their needs.

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