EMV Chip Facts You Need to Know

Every business owner is rushing to purchase the necessary software and hardware so the EMV chip card can be read and consumers can be assisted with their purchase. Here are the specific chip facts consumers need to be aware of.

EMV chip cards are quite secure; more secure than the previous credit card. Why this type security has taken place is because of a computer chip. When you, the consumer, receive a new card from American Express (will use them as an example) you will see a metallic square on the front of your card. It’s small but quite visible enough to notice and that metallic square is reason one to what places the EMV chip card above in technology and in look from previous type. Reason two is the magnetic stripes as these work different when the EMV chip card is used. The EMV chip will give a unique transaction code that will never be used again. This type technology has higher chance at prevention of financial theft.

The card will work slightly different but they are just as easy. When using the magnetic stripe the process is done in two steps first the card is read then the transaction is verified. When the EMV card chip is used a process called card dipping takes place. When consumers do this process, the EMV chip card is entered into the EMV terminal slot and in this scenario American Express would be contacted for verification of the card. In doing the above, American Express would also create a unique transaction number. Transactions using the EMV card will involve use of patience.

Contactless card reading can also be done if card dipping is not the chosen choice of payment. What is contactless card reading; there are specific type cards that will allow this to happen with a terminal scanner as it can pick up the card data from the computer chip itself. Consumers do like this idea because this idea is quite easy to use when paying for items and it is a matter of just tapping to make this type of transaction. Business owners are experiencing the issue however as contactless card readers are expensive pieces to purchase still so there is a long way to go yet before this type option becomes more affordable.

Verification will still be required when using the EMV chip card in some form. Previous credit card holders used a PIN number instead of signature. There is an issue taking place now with equipment as many are not quite ready to handle the PIN numbers at this time. At this time, signatures are only being accepted but eventually PIN numbers will become available again with the newer technology as it falls into place.


If you can benefit from lower processing rates or need assistance with EMV upgrades contact us today.

Facebook: Then & Now

Remember when Facebook social media came about as it seemed to be a gathering place where many could join together, begin a discussion on various topics or even create a group aka community as it is called in which people could join and discuss everything from health, lifestyles, crafts, and anything imaginable. Yes, Facebook even went as far as having some interesting and at times dare I say addictive games once you began playing them.

Over the years Facebook grew in user base and also in how they managed controlling the interface of this social media. Multiple advertisements did appear but what made the social media so appealing at the time and still keeps members joining is it being a free social media that can be used by individuals, small business owners, and organizations. What has made this social media stand out above others is they stay in touch and above with the happening trends that are taking place and what consumers and business owners seek research for when reading the social media trends.

For example, many social media users will keep in touch with family and friends that live long distance because the Internet allows them to keep easy contact with one another; Facebook makes contact even easier. Business owners like to have the ability to advertise their product or services and using the Internet plus social media business owners will have the ability of marketing and advertising. Plus there is also an option of creating a free page to further define their business and what is being offered to consumers. An important development step Facebook has taken for business owners is to provide the shopping cart button.  This is a helpful tool plus an exciting feature as any consumer using a desktop or cell phone can easily make a purchase after reading a business advertisement by pressing the button plus they will never leave Facebook.

This newly featured shopping button could be considered one of the easiest ways business owners can sell their products and services to Facebook users directly from their website. It is fair to say Facebook has come a ways since first created and it will be quite interesting to see what new features the social media can next build to assist business owners in daily operations.

The EMV Migration Story

When the EMV migration first began every business owner who accepted credit cards became quite curious of this new technology and wanted to learn more. As business owners learned more about the EMV migration technology and the needed things involved there were some business owners who could make the upgraded change because it was affordable and there were others who had to take this EMV migration very slowly. The EMV migration taking place is a wonderful thing as the technology improves credit card security from the standard chip to an actual chip built within the credit card itself.

As mentioned this new EMV migration is quite exciting for retailers because it is the security both businesses and consumers can both appreciate as EMV provides financial safety. What has caused retailer frustration is not having the needed funds which causes slowness when purchasing the needed card readers and software required for reading the chip and magnetic strip card. There has also been business merchants who are trying to do their best at reading and learning the information required about the EMV which can get confusing at times.

The results of a business survey has shown this EMV migration is a slow process for good reason. As a matter of fact, the survey was given to 500 small business owners willingly by American Express based on EMV. The survey results came back showing 57% of business owners have not been able to spend funds on new credit card terminals and it is slowing the much desired EMV migration. Interestingly, another result shows 38% of small business owners did say they are not planning to purchase an EMV card reader or software any time in the near future. It would appear that small business owners do have mixed feelings on this EMV migration and they have every right to because the consumer is how they pay monthly bills.

A benefit for the small business owners in doing this EMV migration comes to them from the major credit card issuers. There will be assistance to all small business owners including incentives plans because of this EMV migration needing to take place. It is very important for all retailers to understand the value and the need of having EMV-compatible equipment because without doing so it can cause serious financial risk should any fraud transactions be taken after the October 1 deadline.

How Samsung Pay Will Impact 2015

Everyone is familiar with Pay Pal and the convenience it has well introducing the new capability to mobile phone users, Samsung Pay. Even though this new feature will not become fully available until sometime in summer, the features of Samsung Pay will be quite appreciated as they will provide large merchant advantage over the current Apple Pay and Google Wallet that are both being used at this time.

Let us begin discussing these wonderful benefits of what Samsung Pay will provide to the consumer. Because Samsung has recently acquired LoopPay, the consumer will now have the ability to safely secure credit cards within his or her Samsung phone and have the ability to pay using one of the stored credit cards. This benefit is a consumer option that can be used at point-of-sale terminals within the United States and as of now the POS technology is at 90% growth across the USA.

The LoopPay technology has been incorporated into the Samsung Galaxy S6 and the Galaxy S6 Edge both of which are smart phone devices. Even though these smart phones give users NFC chips to tap-and-pay each transaction there is another option available with Samsung Pay because there is benefit of technology and communication. When the tap-and-pay capability is not available at a merchant there will be something called Magnetic Secure Transmission technology that is present.  That technology will provide communication using a magnetic stripe reader present on all terminals. Samsung Pay will sense which pay option is available and adjust itself accordingly.

Samsung Pay has a dual-approach which means more merchants have the ability to accept the mobile wallet without having a hardware upgrade. This is actually quite exciting for merchants because the many Tier 1 merchants updated terminals due to the EMV liability issue in October. Thankfully, the Samsung Pay will work regardless of the situation because of the contactless function.

The Samsung Pay specifications are quite a resemblance to Apple Pay as consumers can load his or her credit card information into the Samsung Pay application and a specific token is used for encryption to hide security numbers and protect them from being released. The wallet also provides the security protection to the user in which he or she can use a fingerprint for authentication. Samsung Pay has the support of the major credit cards (American Express, Master Card, and Visa) plus they also are obtaining premium payment processing support through First Data. Other financial guidance of Samsung Pay is by Bank of America, Citi, JP Morgan, Chase, and U.S. Bank.

Are Bitcoin Auctions Worth the Money?

Quite a few investors and spectators seemed to think so as multiple persons did appear as the virtual currency was being auctioned off. The United States Marshalls chose to auction off the virtual currency confiscated from Ross Ulbricht after his conviction took place in February. The recent auction was for 50,000 Bitcoins totaling the amount of $14 million dollars. The virtual dollars seized from Ulbricht were found on his computer hardware and did show a direct connection with Silk Road.

The bitcoin auction was quite exciting as bidders had the ability to give private bids (i.e. sealed bids) instead of announcing them aloud within a six hour time frame on Thursday. The virtual coins were broken into specific sizes.  Of these specific sizes there were two; the first being 10 blocks of 2,000 Bitcoins and the second being 10 blocks of 3,000 Bitcoins. Those who placed a bid could select which set they wanted and the quantity amount.

The US Marshals did enter 14 of their own bidders for the bitcoin auction to review and watch the activity taking place. The bitcoin auction did show interest as 34 bids came in total. This does show there are persons still about who have the Bitcoin interest still but the Bitcoin interest is not near the numbers like it was. The auction house will contact whoever won on Thursday’s bitcoin auction as of Friday evening at 5 PM.

3 Points on Why Bitcoin is Not the New Internet

Everyone who has been paying attention to the creation of Bitcoin, where it came from and the most recent development taking place of Ross Ulbricht they would know the Bitcoin will not be taking over the Internet nor does it have a chance at becoming the new Internet as many seem to think in the type commentary that has been spread throughout some lines of social media and underground chatter.

Point one is simply payment systems are structure strong whereas using the Bitcoin cannot give that same strength. Where bitcoin payments are free and not seen payment system transactions are recorded and will always be saved within that structures achieve should ever a customer question the transaction or were there to be illegal debit or credit card activity taken place it can be spotted along with the date and time of the actual transaction. Use of the bitcoin will not show any of the transaction information so it is quite dishonest to retail and service business owners for tracking production profits.

Point two; every credit card has a transaction fee which most persons who have a Visa, MasterCard, Discovery, or Amex are aware of. The credit card fee is a few cents as it handles you, the customer, and the transaction made of your purchase being made. What some persons may or may not be aware of is bitcoin also has a transaction fee but it works quite different. How this transaction fee works is to cover the purchasing cost of Bitcoins to consumers and the selling cost of Bitcoins to merchants. Furthermore, there are also are investors of the Bitcoin but the problem just as basic ecommerce it can go up or it can go down pending upon how much is in the market.

Point three; illegal activity is taking place using the bitcoin and it is quickly growing. For quite some time many have sold their items on places such as EBay without difficulty because it is simple to post an advertisement and simple to pay for the item using PayPal. There have been strong signs of financial regulations put into place that ensure regulations are followed and there be no illegal selling of any type yet because of Bitcoin those regulations are being ignored and scams are growing along with illegal drug sales.

In the end, consumers are better off using what has been proven to be solid financial value coins, cash, check, debit or credit cards. It is the smartest choice for being a customer and the most helpful to all business owners. It is a fair statement to say the Bitcoin may be active for now but the Bitcoin will eventually fade away as this the bitcoin payment is not worth handling to truthful business owners.

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