As EMV cards become the standard, it is imperative for software companies that work with financial institutions to upgrade their technology. But there are some distinct challenges involved in upgrading quickly and cost-effectively.
Advantages of EMV Technology
- – Helps merchants reduce fraud
- – Mitigate liability
- – Give peace of mind to consumers because it provides greater security than conventional magnetic stripe cards
- – Processing time is comparable to online transactions
- – The microprocessor on an EMV chip card eliminates the possibility of counterfeiting
- – Integrating a compliant EMV payment device with a software application can be a long and expensive undertaking because of stringent EMV and payment card industry (PCI) requirements.
- – Technical issues may arise at the point of implementation because of incompatible software residing on a merchant’s client. In addition, store employees must understand how to use an EMV device and when to accept EMV payments with often with limited, or no, instruction.
- – Chip cards take more time to process than mag-stripe and NFC payments.