As the October 1st deadline approaches, we will be providing you with as much useful information as possible to get you EMV chip card ready. The hype is getting a bit crazy so we thought it would be of value to provide a no-nonsense guide covering the things you need to know and what you need to do as a merchant.
Know your card types
The types of EMV chip cards you will be seeing as a merchant are:
- Contact cards – they communicate with the reader over a contact plate on the card. That plate must come into contact with the terminal usually by inserting the card into a slot. The card must remain inserted for the duration of the transaction.
- Contactless cards – they communicate via radio frequency (RF) and must contain an antenna to use near field communication. Near field communication is defined by Wikipedia as:
the set of protocols that enables electronic devices to establish radio communication with each other by touching the devices together or bringing them into proximity to a distance of typically 10cm or less.
- Dual interface chip cards – combine both technologies and can communicate either way.
Know your terminal and technology capabilities
The point of sale terminals and technology you should have in place by October 1, 2015 are referred to as dual-interface terminals. These new terminals will process EMV chip transactions from a combination of payment types including contact chip cards, contactless cards, eWallet apps, mobile devices and even the magnetic stripe cards. The terminal you ultimately select will be based on your business transactions. You will need to discuss details such as typical transaction amounts, domestic or international transactions, and other transaction parameters.
Know your needs and make a plan
Looking at your business transactions is just part of the picture. Depending on the size of your business it may take an investment of time to assess your current needs and create a plan to migrate to this new technology. This point is the main reason why as a merchant services provider, Evolve Systems has been working on this upgrade process with our larger clients for several months now. Our experience to date has shown that the upgrade process should be thoughtfully approached with assessment, plan and execution steps to ensure successful transition.
In our next post, we’ll provide a detailed checklist of the steps in the upgrade process. It’s not too late to schedule time with us and get started…but don’t wait much longer.