What Is EMV Chip Technology?

Nowadays, it is rare that you will see a credit or debit card that doesn’t have a ‘chip’ on it (unless it’s in your mobile wallet of course). Because of this shift, we as consumers are now accustomed to dipping our cards rather than swiping them. At this point, you may be asking yourself what EMV means. Or how EMV chips even came to be.

The rest of this article will give you an understanding of how EMV came to be as well as the benefits of its widespread adoption.

What does EMV stand for?

EMV stands for ‘Europay Visa and Mastercard’. EMV got its name because the initiative was led by card issuers Visa and Mastercard in Europe.

Why EMV?

EMV chips offer a more secure alternative to magnetic-stripe cards. The main difference is in how card data is transmitted to the card issuer. Whereas card data can be accessed on a magnetic stripe at the time of a transaction, card data is encrypted in EMV-chip transactions.

What does EMV do?

EMV encrypts card data and generates a one-time authorization code for each transaction. In doing so, EMV accomplishes two things that were not present beforehand. Through encryption, EMV removes the possibility of cardholder information theft. In addition, EMV automates transaction authorization through the use of a one-time authorization code.

A Modern Alternative

With magnetic-stripe cards, the cardholder’s signature was the single point of verification. Therefore, there was responsibility on employees to verify a cardholder’s signature. In addition, there was the possibility of user error.

EMV offers an electronic alternative that automates the verification process with unique authorization codes. The only responsibility left to the business owner is to implement an EMV-compliant payment solution.

How EMV protects the consumer

EMV chip protects the consumer by encrypting their data, making it more difficult for criminals to steal their data. While data encryption has cut fraudulent charges by nearly 70% since 2015, criminals have found a way to work around the security initiative, cardholders, business owners, and other stakeholders still need to be vigilant when it comes to electronic payment security.

How EMV protects you

The only responsibility you have as a business owner is to offer a payment solution that processes EMV transactions. In order to be EMV compliant, you’ll need to have a credit card terminal or POS system that is chip-enabled and implement a payment solution that is capable of carrying out EMV transactions.

By being EMV compliant, you offer your customers protection & limit the possibilities of fraudulent charges, which will lead to chargebacks on your business account.

As of October 1, 2015, all card-accepting businesses in the U.S. are liable for fraudulent charges if they are not EMV compliant. 

To learn more about our payment solutions, visit our webpage. For more articles like this one, visit our blog

Share This Article!

Share on facebook
Share on linkedin
Share on twitter
Share on email

Our Partner Network

  • 123local
  • 2findlocal
  • 8coupons
  • ABLocal
  • AllergyEats
  • AllMenus
  • AmericanTowns
  • AroundMe
  • Baidu
  • Banks.com
  • Brownbook.net
  • Central Index
  • ChamberofCommerce.com
  • CitySquares
  • CK Maps
  • Cylex
  • DexKnows
  • DoorDash
  • Dun & Bradstreet
  • eLocal
  • EZlocal
  • Find Open
  • Fliggy
  • GoLocal247
  • HERE
  • HolidayCheck
  • HostMe
  • HotFrog
  • iBegin
  • iGlobal
  • Insider Pages
  • Instagram
  • Local.com
  • LocalDatabase
  • LocalPages
  • LocalStack
  • Mafengwo
  • Mapstr
  • Menupix
  • MerchantCircle
  • My Local Services
  • n49
  • Navmii
  • NDrive
  • Opendi
  • OpenTable
  • Parent Day Out
  • Pitney Bowes
  • Pointcom
  • Postmates
  • Property Capsule
  • RetirementPlanning.net
  • SafeGraph
  • ShowMeLocal
  • Soleo
  • Superpages
  • tellows
  • TomTom
  • Top Rated Local
  • Trip.com
  • TripAdvisor
  • TrustPilot
  • Tupalo
  • Uber
  • Uber Eats
  • USCity.net
  • VotefortheBest
  • Waze
  • Where To?
  • WiserAdvisor
  • Yalwa
  • Yandex
  • YaSabe
  • YellowMoxie
  • YellowPageCity
  • YellowPagesDirectory
small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

Read A Client Success Story

Learn How To Leverage The Power of Facebook for Growth!

Read A Client Success Story!

Learn How To Leverage The Power of Facebook Offer Ads for Growth!

Read A Client Success Story!

Learn How To Leverage The Power of Facebook Lead Ads for Growth!

Read A Client Success Story!

Learn How To Leverage The Power of Facebook Awareness Ads for Growth!

Read A Client Success Story!

Learn How To Leverage The Power of Facebook Click Ads To Grow Your Business

Read A Client Success Story!

Learn How We Increased Our Client's Online Visibility & Got Him More Leads!

Get Your Web Design eBook!

Learn What Separates A Winning Website From The Losing Ones

Get Your Free SMS Marketing eBook!

Learn How To Turn New Purchases Into Your Most Loyal Customers

Get Your Reputation Management eBook!

Learn How To Build Your Online Reputation & Get More Paying Customers

Get Your Free Ebook Today

Learn How To Audit Your Merchant Statement And Cut Your Costs

Get Your Google Ads eBook!

Learn How To Convert Web Traffic Into Revenue

Get Your Facebook Ads eBook Today!

Learn How To Advertise On The World’s Biggest Stage

Can Google's Crawlers Understand Your Site?

Find Out If Your Website Has Schema Markup

Schema Markup - Contact Info
small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Payments Consultation Awaits

Read A Client Success Story!

Learn How We Helped Our Client Build Their Online Reputation & Get More Customers As A Result!

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Payments Consultation Awaits

Let's Create Your Free Account

Claim Your Free Clover Today!

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

small_c_popup.png

Let's have a chat

Your Free Local Marketing Consultation Awaits

Read A Client Success Story!

Learn How To Leverage Google Ads For Business Growth

Read A Client Success Story!

Learn How To Leverage The Power of Text Message Marketing For Your Business!

Want To See How You Show Up?

Tell Us Where To Send Your Report!

Run Your Free Business Report - Contact Info
Pop-up form preceding Yext Scan CTA, basic contact info

Ready To Boost Your Business?

Create Your Free Account To Claim Your Package!

All In One Packages - Professional

Pick A Time To Speak With A Local Business Expert

Place Your Vision Online With Award-Winning Web Design!

Web Design - Scheduling

Set Up Your Free Account In Minutes

Make It Easier For Your Customers To Pay You!

Payments - Get Started

Set Up Your Free Account In A Matter Of Minutes

Customize Your Clover To Work The Way You Do!

Clover POS - Get Started

Pick A Time To Speak With A Local Business Expert

Get More Positive Reviews With TAPLocal Review Management!

Review Generation - Scheduling

Pick A Time To Speak With A Local Business Expert

Get A Full Tour Of Our Business Manager Dashboard!

Dashboard Demo - Scheduling

Our Packages Are Built With All Your Needs In Mind

Find Out Which Package Your Business Qualifies For!

Free Clover - Pricing

Clover POS Is The Perfect Business Companion

Find Out Which Device Is Best For Your Unique Needs!

Free Clover - Meet Clover

Pick A Time To Speak With Local Business Specialist

Claim Your Free Clover Today!

Free Clover Package - Scheduling

Create Your Free Account & Pick Your Package

Claim Your Free Clover Today!

Free Clover Package - Get Started

Want To See How You Show Up?

Tell Us About Your Business

Let's Get Started

Start Rewarding Your Customers Today!

Clover App Market - Restaurant Rewards
Pop-up form on Restaurant Rewards page

Pick A Time To Speak With A Local Business Expert

Boost Your Business With An All In One Package!

All In One Packages - Scheduling
Pop-up form preceding All In One Packages scheduling

You Could Be Saving Thousands Of Dollars A Year

See How TAPLocal Stacks Up To The Competition

Payments - Competitor Pricing
Pop-up form preceding Yext Scan CTA, basic contact info

Ready To Boost Your Business?

Create Your Free Account To Claim Your Package!

All In One Packages - Ultimate

Ready To Boost Your Business?

Create Your Free Account To Claim Your Package!

All In One Packages - Standard

Read A Client Success Story!

Learn How We Grew Our Client's Business With Stellar Web Design

Ready To Boost Your Business?

Create Your Free Account To Claim Your Package!

All In One Packages - Builder

Ready To Boost Your Business?

Create Your Free Account To Claim Your Package!

All In One Packages - Starter

Pick A Time To Speak With A Local Business Expert

Start Gaining Repeat Business From Your Customers Today!

Text Message Marketing - Scheduling

Pick A Time To Speak With A Local Business Expert

Take Control Of How You Show Up Online Today!

Listings - Scheduling

Pick A Time To Speak With A Local Business Expert

Starting Driving Hyper-Local Traffic To Your Website!

Listings - Scheduling

Pick A Time To Speak With A Local Business Expert

Boost Your Facebook Ads With Hyper-Local Technology!

Facebook & Instagram - Scheduling

Pick A Time To Speak With A Local Business Expert

Get Prime Exposure With Our Reach & Frequency Guarantee!

Facebook Awareness Ads - Scheduling

Pick A Time To Speak With A Local Business Expert

Advertise On The World's Leading Search Engine!

Facebook Awareness Ads - Scheduling

Pick A Time To Speak With A Local Business Expert

Find Out How TAPLocal Can Grow Your Business!

TAPLocal Appointment - Scheduling

Pick A Time To Speak With A Local Business Expert

Get HOT Local Leads Delivered Directly To Your Phone!

Facebook Lead Ads - Scheduling

Pick A Time To Speak With A Local Business Expert

Help Hungry Customers Find You When They Need To!

Listings For Food - Scheduling

Pick A Time To Speak With A Local Business Expert

Drive Sales With Redeemable Offers On Facebook!

Facebook Offer Ads - Scheduling

Pick A Time To Speak With A Local Business Expert

Simplify How Your Customers Pay You & Cut Processing Costs!

Payments - Scheduling

Pick A Time To Speak With A Local Business Expert

Simplify Your Day-To-Day With The Perfect Point Of Sale!

Clover POS - Scheduling

Get Your Business Listings eBook!

Learn How To Get Found By Consumers Who Are Searching For A Product Or Service That You Offer