For business leaders who have been busy and unable to pay attention to this activity nothing to fear it is just more news coming about with the smart card for ecommerce that will make transactions easier. For those who are new to the smart card ecommerce discussion, welcome. This is actually an exciting project that has been building over time and has been bringing on much more expectation to business owners here within the United States as well as those across other foreign countries. You see, the smart card aka EMV credit card handles multiple types of monetary funds.
What is the EMV credit card?
The actual definition of EMV means Europay, MasterCard and Visa. In essence it is one smart card with multiple circuits inside giving it the ability to specifically manage every credit and debit transaction that takes place on a global scale. Chip technology has created the EMV credit card capability and also has given this technology the security for every transaction that takes place. This type of technology will continue growing now that it has become quite secure and very user-friendly with payment systems. The most excellent issue with this type technology is the prevention of user fraud as these chips are embedded into the cards. What makes these EMV credit cards more secure is after one use there will be the requirement of a specific password (aka 4 digit pin) before the transaction will move forward. That is very exciting news for many credit card holders who want to keep their money secure.
Why use the EMV credit card?
This credit card has more benefits in comparison to the magnetic strip card. The first few benefits that do come to mind when using an EMV credit card are to defeat credit card fraud and to avoid having any personal information stolen. This credit card will protect all personal data inside because information is saved upon chips inside the card itself. Whereas the magnetic strip is easily accessible the EMV chips cannot be easily removed. Another key security factor is the chip security cannot be duplicated because there are specific and unique modifiers placed into each card to create uniqueness.
Business migration should begin soon
The acceptance of this type card should begin now even if it is a slow process. This is just to ensure you will be ready when more consumers start migrating towards using this type of card and begin to avoid the magnetic strip altogether. Of course there are many things that need be done during this migration within your business. Most importantly is making sure everyone who will be working with the consumer is aware of this new type card. With that being said, there needs to be a planned out time for training of employees.
Does your business ecommerce navigation need assistance, contact Sunlit Merchant Services today!