Protecting your business against fraud is more important than ever. The following material offers essential information that will serve as a step to safeguard your business against the chance of daily and multiple threats of credit card use.

EMV Card Technology

EMV cards (“Europay, MasterCard and Visa Cards”) offer the global standard for protecting the processing of credit and debit payments. The cards contain a microprocessor chip which requires transactions to be completed by using a Personal Identification Number (PIN) as one step in the process to verify that the customer is the genuine cardholder.
Up until recently, card account information was stored on a magnetic stripe that was found on the back of a credit card. Unfortunately, the information stored on the magnetic stripe was relatively easy to access which opened many accounts up to the possibility for theft.  The microprocessor chips that are now placed inside of EMV cards enhance the card’s safety for use, making it difficult for thieves to get a hold of a card’s account information. 

Comparison of EMV Chip to Magnetic Stripe

When using an “old” magnetic stripe credit/debit card, processing safety was limited to information obtained from the magnetic stripe, consisting of:

• Card number
• Expiration date

Transactions completed with the newer EMV cards are much more involved. EMV obtained data requires:

• The completion of many stages of complex processing, including cryptographic authentication
• The transfer of multiple pieces of information between the card, the terminal, the bank, and/or the processor host
• Additional EMV technology designed support

Implementation
The United States was one of the last major economies to implement EMV technology. As card issuers (banks) adopted EMV card use, they worked to replace the older magnetic stripe credit and debit cards with the newer EMV cards. During this time, merchants (veterinary practices, retailers) were advised to update their card processing practices with systems that would utilize the chip technology.

Liability
As of October 2015, the shift in liability for certain fraudulent non-chip card transactions transferred from banks to merchants. This means that if a veterinary practice has not established the ability to process the safer EMV credit and debit cards, they may bear the liability of processed fraudulent card transactions. 

Support
Updated support for EMV technology requires the modification or replacement of all payment processing terminals. When determining capability, consider:

• If system is already equipped, but is not currently used for EMV cards, it may require the download of an EMV application
• If system is older and not equipped to handle EMV cards, it will require an upgrade

The decision to upgrade credit card terminals to accept chip technology will not only help to protect a practice, but it will also increase the ability of clients, who now carry the EMV card, to safely pay for veterinary services.

Contact your Covetrus representative for information regarding the various opportunities available to practices needing EMV card support. Call 855.724.3461 today.

Sources:

https://www.level2kernel.com/emv-gide.html