ARBAPRO POS Solutions are EMV-Ready
ARBA Retail Systems, working with industry leader VeriFone, is fully prepared to help you become EMV- compliant and ready for the liability shift in October 2015. ARBA Retail Systems has worked with VeriFone to interface our Point-of-Sale Software with VeriFone’s EMV-compliant POINT Payment Solution. By using chips as an active part of the payment transaction, EMV cards and devices help prevent credit card fraud from stolen account numbers and cloned payment cards. Moving to the POINT Payment Solution will allow you to accept payment via Debit with PIN and Near Field Communication (NFC) technology, such as GoogleWallet and ApplePay, and facilitate signature capture.
EMV stands for “Europay Mastercard and Visa” and it is a payment technology standard that was originally created by these 3 companies. EMV Cards (also called “Chip Cards” or “Smart Cards”) are credit cards embedded with a chip containing your encrypted credit card data. These chips allow for greatly increased data security and encryption, stronger validation of the card and cardholder, and identification of payment devices as authentic, approved payment devices1. All these elements allow for greater fraud protection, decreased fraud, and increased security.
What is the importance of the October 2015 deadline?
October 2015 is the liability shift date for all the major credit card providers. Each provider has different incentives related to being EMV-compliant. What this means is that by being EMV-compliant you not only provide your business and customers with greatly increased data security in a world plagued by credit card security breaches and worries but also, depending on the credit card provider, you will benefit from:
- 50% to 100% relief from occurrences of credit card Account Data Compromise (ADC)2
- Elimination of annual Payment Card Industry Data Security Standard (PCI DSS) validation requirements and
waiver from PCI DSS audits.
Essentially, if you do not take steps to be EMV-compliant, you will bear liability for credit card fraud and data
compromise and be subject to increased data security constraints.
Leave a Comment