A look at EMV 2.0 Payments

For businesses that need to process payments in person, EMV chip cards have become the standard. And for good reason, according to Visa, when merchants implement EMV, they see counterfeit fraud dollars drop a whopping 87%. Let’s look closer at the security advantages of EMV, as well as the financial ones.

EMV 2.0: The New Standard in Payment Security

EMV stands for Europay, Mastercard, and Visa, and this technology represents a significant advancement in securing in-person transactions and preventing fraud. With EMV 2.0, merchants can elevate payment security to a whole new level.

Preventing Fraud and Shifting Liability

One of the most impactful aspects of EMV technology is how it helps prevent fraudulent transactions. EMV chips generate unique transaction codes for every purchase, making it incredibly challenging for fraudsters to copy or access card data.

Additionally, EMV shifts the liability for fraud away from the merchant and the card issuing bank if a chip card does get used for fraudulent transactions. On the flip side, if a merchant is still accepting payments in person with a magnetic stripe reader, the liability remains on them. By adopting EMV 2.0, merchants not only provide customers with a safer payment experience, but also reduce their own risk of financial losses due to fraud.

Lower Rates and Improved Qualification for Transactions

Looking at the financial benefits, EMV transactions can qualify for lower processing rates compared to manual entry or traditional magnetic stripe transactions, due to the enhanced security the technology offers. But with PayTrace, merchants can take those fees a step further with our interchange optimization feature.

Interchange Optimization Drives Rates Down Even Further

The PayTrace platform automatically provides the additional transaction details that are necessary for saving on eligible B2B and B2G transactions, regardless of where the transaction originates. This means all EMV transactions processed through PayTrace can qualify for reduced credit card processing fees with the major credit card companies, including Visa, Mastercard, Discover, American Express, Diners Club, and JCB.

Start Accepting EMV In-Person Payments Now

Lower processing rates are reason enough to accept EMV transactions, but with data breaches and payment fraud on the rise, safeguarding customers’ sensitive information is non-negotiable. EMV 2.0 significantly reduces the risk of fraud, instilling trust, and confidence in customers when they make purchases in person and providing merchants with extra security and peace of mind.

Ready to take payment security to the next level?

PayTrace currently supports EMV 2.0 on the Fiserv and TSYS processor connections, using an ID Tech Augusta (for desktop) or VP3300 (for mobile) reader. The setup is quick and easy–simply plug the EMV reader into your internet-connected computer and go!

Check out a demo of the setup on our YouTube channel.

Get in touch with us today to learn more about accepting EMV chip cards with our Virtual Terminal, the PayTrace Go mobile application, or through a software integration using our API.