EMV is proven global payment security technology, set to become a standard in the U.S. later this year. It reduces fraud, provides better data defense and enhances payment security. EMV “chip” cards, also known as “smart cards” or “chip and PIN cards,” will eventually replace the magnetic stripe on payment cards with a safer embedded microchip.
EMV provides the best defense to fight sophisticated techniques that today’s criminals use to steal consumers’ PIN codes and personal data at the point of sale. This new technology will affect virtually every merchant in the U.S., since card associations will shift the liability for fraudulent, non-EMV transactions from issuers to merchants beginning in October 2015.
The magnetic stripe on credit cards will be supplemented by an embedded microchip. Every time the card is used for a card-present purchase, the chip generates a unique code. This code makes it very difficult to create counterfeit cards or steal account information at the Point of Sale.
As of December of 2013, 80 countries were in various stages of EMV migration. The U.S. began converting to EMV earlier this year.
While credit card fraud generally affects everyone, it only marginally exists in the dental industry. Because you have a personal relationship with your patients, it’s highly unlikely one of them would attempt to use a fraudulent credit card. Nevertheless, EMV helps reduce overall fraud, which is a positive outcome across the entire payments sector.
We are working closely with Moneris Solutions, our credit card processing software partner and the North American EMV leader, on EMV solutions and services for you, our Dentrix customers.
In addition, we’ll keep you updated on our latest product offerings, like contactless mobile payments like Apple Pay™ to help you quickly and easily transition to start accepting EMV smart cards and contactless payments.
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