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Understanding The Dangers Of Failing To Upgrade To An EMV-Compliant Terminal

The Betterblog

Understanding The Dangers Of Failing To Upgrade To An EMV-Compliant Terminal

March 12th, 2018

let us explain everything you need to know about EMV compliance in 2018.

What Is EMV? EMV stands for Europay, MasterCard, and Visa.

These three companies created a new standard called “EMV” chip technology to reduce liability and fraud losses.

EMV increases, credit card security through improvements in the way the card chips stores and communicates data, this makes EMV cards harder to counterfeit than old magnetic stripe cards. EMV has also become an Industry standard and law to accept; chip cards are now recognized internationally around the world.

What does EMV mean for small businesses?

EMV compliance in 2018 indicates upgrading your old terminal to a new model credit card machine that can process payment cards via EMV chips.

EMV compliance rules went into effect October 2015,

Do you know what will happen if your business doesn’t comply with the card chip law?

If you use an old magnetic card swiper, clients can dispute/challenge the charge, and you as an EMV non-compliant merchant would have no legal recourse. EMV compliance protects businesses from liability. As long as you are EMV compliant, you won’t be liable for fraud swiped transactions whether they come from chip transactions or swipe.

Contact us and upgrade to a Free EMV Terminal today.

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Betterfunds LLC is a registered ISO/FSP of Woodforest National Bank in Houston, TX - Member FDIC and a registered ISO of Wells Fargo Bank, NA. Canadian Branch.


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