EMV Frequently Asked Questions

Point & Pay Answers 10 Frequently Asked EMV Questions

1. What is EMV?

EMV (Europay MasterCard Visa) is a method of authorizing card transactions using a microchip embedded in the credit or debit card. While new to the US, this technology has been in place in Europe, Canada, and other parts of the world for several years. A transaction may be authorized with a microchip and PIN number (“chip-and-PIN” cards), or a microchip and signature (“chip-and-signature” cards). Traditional swiped transactions using the magnetic stripe will continue to be supported.

2. How does EMV work?

First, an EMV-enabled credit or debit card is inserted into the card reader slot of a payment terminal. The chip then makes contact with the card reader and the payment authorization is conducted directly through the physical connection. Alternately, a contactless (NFC) chip is able to communicate with a card reader through radio frequencies, allowing a user to “tap” their card instead of inserting it into a payment terminal.

3. How does EMV make a transaction more secure?

The EMV chip technology allows a much more secure transaction process. The authorization process uses unique encryption that allows the card information to be represented with an alternate value that can only be used once. If this information is intercepted or otherwise re-used for fraudulent purposes, any subsequent payment attempts will fail.

4. What is the “liability shift” associated with EMV?

On October 15th, 2015, liability for unrecoverable fraud shifts to merchants if they do not support EMV. Unrecoverable fraud occurs when a merchant has no way to recover the goods that were purchased in a fraudulent transaction. 

Point & Pay encourages all clients to review how this applies to their operations. In many cases, our clients do not provide unrecoverable goods or services, and have well defined relationships with their customers that include recourse in the case of returned items. As such, we have almost no fraud of the type affected by EMV in our portfolio. The Point & Pay team is ready and available to work with each client to assess how EMV and the liability shift impacts their operations and to work cooperatively on efficient solutions.

5. What type of fraud does EMV affect?

The 2015 U.S. rollout of EMV technology is aimed at in-person card fraud and specifically fraud based on the use of counterfeit cards. Web and phone payments are unaffected by the current rollout of EMV. As it relates to the liability shift, the most common causes of returned items (unrecognized transactions or fees, unintended or erroneous payment, overpayment or underpayment, payment to the wrong agency, etc.) are not affected by the liability shift. Only transactions that are demonstrated to be fraudulent and could have been prevented with EMV technology are affected.

6. Do I need to be worried?

No. Point & Pay has you covered for what you need to make the EMV transition smooth and easy. Our team will help you evaluate how EMV impacts your operation and will explain the most efficient ways to address your needs. We have designed solutions for every segment of our client base, from expansive in-person operations serving 100,000 customers per month to smaller groups that want to change as little as possible.

7. Will my current credit card processing equipment still work?

Current magnetic stripe credit cards and processing equipment will continue to work as usual. Your existing hardware/software will also continue to be a viable option for processing transactions for years to come. However, if you choose to transition to EMV-capable terminals, we have a suite of EMV products that are uniquely designed to support your needs.

8. I am interested in upgrading to EMV terminals. How do I get terminals?

Unique technology is required to efficiently support governments, utilities, courts, and similar organizations using Point & Pay. Due to the need to install specific applications and inject unique encryption keys, we recommend clients acquire terminals directly through Point & Pay.

Many Point & Pay deployments feature shopping carts, convenience fees, cashiering integrations, and other technologies that impact the way EMV should be implemented. Point & Pay has developed a proprietary suite of applications running on a diverse lineup of best-in-class devices that are coded to accommodate these specific needs. Our representatives are ready and available to match clients with the best devices for their needs. 

Point & Pay’s EMV applications run on the Verifone MX and VX terminal lineups:

View Point & Pay's EMV solutions here. 

9. I use a 3rd party cashiering product for my in-person transactions. How will EMV work for me?

Point & Pay has designed EMV solutions that are easy to integrate with cashiering solutions. We will work with your provider to connect to our terminals via a simple set of commands. All of our EMV solutions connect seamlessly with your other Point & Pay services to ensure the same reporting, posting, settlement and reconciliation functions you know and trust remain unchanged.

10. What should I do to be ready?

Become better informed about how EMV applies to your organization. Our representatives are prepared to work with each client or potential client to educate and evaluate the impacts of EMV. From there, we have an industry-best suite of terminals, applications, and other solutions to create a strategy that best addresses your unique needs.

To Learn More: Email info@pointandpay.com

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