Many consumers and businesses have heard the letters "E-M-V" a lot recently when it comes to credit card processing and security. Following the Target security breach at the beginning of the year, this talk was ramped up with card security at the forefront. However, there are still much confusion around this technology.
EMV stands for Europay, MasterCard and Visa and it represents a global standard for inter-operation of credit cards that are equipped with a microchip that is capable of handling a data transaction at a point of sale system or an automated teller machine. This is used instead of the magnetic strip that is the standard in the U.S. and is something that has grown in popularity across many markets overseas.
A recent article from Fox Business dove deeper into this technology to answer some of the other frequently asked questions about it. One of the more interesting was about the October 1, 2015 deadline that Visa and MasterCard have set for U.S. card providers to get onboard. Some experts believe the hard deadline is something that companies will not follow.
"Don't expect a big bang in October of 2015," Doug Johnson, vice president of risk management policy for the American Bankers Association, told the news source. "In terms of rollout, we expect about 50 percent of banks and retailers to be completely transitioned over. It's going to take a little time to adapt."
EMV technology is coming and businesses need to be ready. By partnering with the right credit card payment processor, any company will be able to meet the change head-on.