Something significant will happen on Oct 1, the country's EMV implementation deadline: liability will shift from card issuers to merchants who haven't upgraded their systems to accept the new technology.
Here are some best practices to make sure you're compliant before the deadline:
EMV is often referred to as "chip and PIN" cards because in Europe, where they're more prominent, cardholders use a PIN to verify the purchase rather than a signature. While the U.S. does have the implementation deadline, there is currently no guideline that mandates PIN usage, leading them to be referred to as "chip and signature" cards stateside.
While it's not a requirement, having systems that can accept PINs and signatures will help protect you from fraud liability.
Many newer terminals come equipped with NFC, or near-field communications, support, which allows customers to use their EMV card or connected device without either swiping or dipping. Having software that takes advantage of the new hardware will help prevent skimming.
EMV cards are considered to be more secure because they're encrypted, but it never hurts to add another layer of protection. That's what tokenization does. By replacing transmitted information with a token, any hacker who intercepts the data will only see random strings of characters instead of the card number.
The PCI Security Standards Council notes that one effective data security solution is P2PE, or point to point encryption, which ensures information is encrypted on your end and that it won't be decrypted until it reaches the issuer.
If your company is in need of new credit card processing software, be sure to contact 911 Software today! Take a look at the rest of our website to learn more about the high-quality credit card payment software that we carry.