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Preparing for EMV Credit Cards

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The long awaited smart credit cards are finally coming to the United States after deployment in the EU for over a decade.  The new cards and processes will protect consumers and reduce the costs of fraud.

The new credit cards contain a computer chip that creates a unique transaction code each time they are used that can’t be used again.  Unlike traditional magnetic stripes which can be used over and over again since the data on the strip never changes. Whoever accesses that unchanging data collects sensitive card and cardholder information which can be used by the counterfeiters for multiple purchases.  EMV technology won’t necessarily prevent data breaches from occurring but it will make it harder for criminals to profit from what they steal.

Credit card companies are busy reissuing cards and merchants are preparing their point of sale process this year.  October 1st marks the date that liability will shift from the credit card issuer to the merchant.  There is much work that needs to be done to prepare for that shift.

New point of sale hardware is required to read the chip information.  The cards are inserted into a terminal slot where it waits for processing, called “card dipping.”  The data flows between the chip and the financial institution to verify the card’s legitimacy and create unique transaction data.   Customers then need to either enter their associated PIN or sign the charge to complete the transaction.

The information from the POS also needs to flow back into your businesses software for processing.   Operations and Accounts Receivable process flows need to be modified to accept these new payment enhancements.   Wynne is busy testing the process flow with RentalMan and will be ready to support your business before October 1st.

Join Tran Ly, Director of Product Development at Wynne Systems and National Merchant Alliance for a webinar to talk about these changes and how to prepare your business.  The webinar is on June 25th at 10:00 am PST.

Click here to sign up for the webinar.

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