Term – EMV

Summary – EMV chip credit cards has an embedded microchips which adds further security to newer generation credit cards as opposed to their predecessors. Merchants processing credit cards must have compatible merchant processing or cash discount program terminals to accept EMV chip cards.

EMV Chip Card Benefits

There are several benefits associated with EMV chip cards. Below are just a few of the most popular benefits

  1. Added Security: EMV chips greatly minimizes the chances of card-present fraud as cloning is significantly difficult.
  2. Reduced Liability: A liability reduction will occur as the merchant will face the liability for fraudulent transactions if they are in an EMV region, encounter fraud, and opted to not upgrade (EMV chip card transaction at a non-EMV compliant merchant).
  3. Accepted Globally: EMV is not new, it has been widely adopted on a global scale which makes it extremely convenient.
  4. Customer Trust: The more secure the payment options, the more customer trust you will have.

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