EMV (an acronym for Europay, MasterCard®, and Visa®) refers to new standards, based on chip card technology, that make accepting face-to-face payments more secure.
The process for an EMV transaction is different than a magnetic swipe transaction. With EMV transactions, the cardholder inserts the card into an EMV terminal, where it stays during the transaction. In some cases the customer will be prompted for a PIN or signature (just like a debit transaction). Because of this, EMV cards are commonly referred to as “Chip and PIN” or “Chip and Signature” cards.
During an EMV transaction, the card never leaves the cardholder’s hands. You present your payment to your customer – even in restaurant environments!
EMV benefits everyone associated with your business. Consumers have fewer reasons to worry about the security of their payments and will have a card that works internationally. Your business benefits from the reduction in card fraud resulting from counterfeit, lost, and stolen cards.