In this age of digital technology, the emphasis on security for card payments has increased tremendously. One such technology that has improved the security of card payments, is the EMV software. We are commonly using EMV technology, which is probably the most popular in the world today, but you may be unaware of what it is and its importance. In this article, we will try to figure out what EMV software is how it protects money, and why it is important for businesses with card transactions.
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What is EVM Software?
It refers to the Europay-MasterCard-Visa. An institution responsible for the development of the EMV standard. The EMV software works to enhance the payment process made via the chip card ensuring there is security and no risk of fraudulent losses.
Before such EMV was placed on the scene, several payment cards essentially relied on magnetic stripes to make the functions of the payment centers relatively affordable for most criminals.
In contrast, EMV cards have very small microprocessors that secure your payment information, and thus it is extremely hard to duplicate.
How Does EMV Software Work?
Simply put, it is the EMV software that processes the payments when you insert the chip card into the card reader. It is quite easy to explain so it works like this.
Card Authentication: EMV software reads the chip on the stub and proves it is the right card via the use of cryptography.
Card Verification: This step permits authentication of the cardholder. It may require several steps such as a PIN input, signing, or sometimes just t
Security: The software uses encryption and creates separate codes for each transaction. This makes it harder for criminals to access the details of your card.
Why EMV Software is Important for Businesses
For companies, moving to EMV software is a matter of life and death. Not only does it come in handy in defending yourself from fraud, but some countries impose fines on traders for not implementing EMV-compliant systems.
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Whereas it is legally required to charge sales tax, this includes where a business lacks the EMV-only technology it could be liable to legal claim purchase fraud.
Key Benefits of EMV Software.
Enhanced security:
The most significant advantage that EMV software would provide to a business is its security. Magnetic stripe cards are easily counterfeited as opposed to chip cards which incorporate advanced measures to ensure security.
Whenever the card is presented, a code that cannot be reused is created, and there are no worries that the stolen information can be used again.
Reduction of fraud:
With the EMV software in place, the level of in-person transactions related to fraud (card present fraud) has been very much reduced. The attenuation of risk posed by fraudulent transactions can be achieved by companies that convert to the new EMV technology.
Worldwide Acceptance
Above all, EMV is an international standard, and hence, an EMV card can be utilized in virtually any part of the world. Any business with EMV-compatible software can offer such security and convenience to its foreign clients and tourists.
Contactless Payment Acceptance Options
There is an option for the users of EMV solutions to make a contactless payment by just tapping the card on the terminal. This further increases the user-friendliness feature without compromising security.
Innovations in EMV Software Solutions
Note that every commercial enterprise is different when it comes to the EMV solutions that the particular enterprise seeks. The following is a list of some of the EMV software vendors that are most frequently encountered in the market:
1. Ingenico:
Ingenico is well known for providing EMV software solutions and technical maintenance of POS terminal operations with an equally robust SMDK enabling clients to do due diligence on the implementation of EMV payment systems.
2. Verifone:
Verifone serves a wide range of payments-related needs addressing stand-alone EMV software as a service solution for secure payments. The software of Verifone enables the business to accept payments through chip cards, thereby controlling potential misuse of the card.
3. ID TECH:
Apart from their EMV kernels, ID Tech also has software that supports POS systems and mobile payments. They contain software that best suits businesses wishing to apply EMV in a non-self-served kiosk and many more.
4. SoftPos:
SoftPos changes a smartphone or a tablet into an EMV payment terminal so that small merchants can accept panniers with ‘chip’ cards without additional hardware expenses. This is very convenient for mobile traders or other businesses that are psychical location limited.
5. Castles Technology:
Castles Technology specializes in the development of versatile EMV software products that can be incorporated into all kinds of terminals. They particularly the way of enabling secure payments through the chip.
Why Your Business Needs EMV Software
In case your business still has manual authentication devices that use magnetic stripes, then you will also need EMV software. Here are a few reasons why:
Liability Shift: It is common that many businesses if they do not have an EMV-compliant system and there is fraud, will not make a loss, therefore bearing the liability of all the fraud losses in that case.
Customer Trust: Nowadays, customers know even too well the different risks posed to their payment information online. Allowing your business to accept EMV credit card payments will improve customers’ trust in the business.
Future Proofing: Now the EMV has evolved showing its relevance in other payment systems such as contactless payment and mobile wallets hence they are integrated into these systems. By implementing EMV technology, your business will be better prepared for the new trends.
How to Implement EMV Software
There is no complexity at all in adopting EMV software in your business, but there are some procedures to be followed:
Choose the Right Provider: Conduct market research on EMV software providers suitable for the size and number of transactions your business has. Make sure they have features such as a contactless payment option and are ready to reinstate with your other systems.
Upgrade Your POS Systems: If your current system does not have the EMV functionality, you will need to switch to POS terminals that support chip and PIN cards.
Get Certified: After the EMV software is installed, it is imperative that the system is tested and certified for conformity to international standards’ requirements. FIME is one of the providers who have been able to provide such long certifications.
Train Your Staff: Make sure that your staff knows how to operate the system in question, and guide customers through the payment procedure.
Final thoughts
Switching to EMV software is actually among the most appropriate steps that you can do in this company. Doing so protects the customers and at the same time protects the company from any kind of liability or damages that are likely to happen due to fraud. Payments are constantly being sought after for their safety and ease of use, and therefore, EMV software integration will help you keep up with the competition alongside customer confidence.
Do it now, and say goodbye to the risk of fraud from your payment platform!
