The Significance Of EMV Credit Card Reader For Micro’s Systems
EMV is a fraud reduction technology that can help protect issuers, merchants, and consumers from damages caused by the use of counterfeit and lost or stolen point-of-sale payment cards. Currently, the cardholder's information is stored on a magnetic stripe located on the back of the card. The EMV terminal (chip reader) is one of the newly added features in the card payment industry. Traditional credit cards, with a magnetic stripe on the back, have been slowly modified over time and have recently been converted into the small chips that are now embedded in most cards. The microchip provides enhanced security for cardholder information.
Understanding EMV EMV stands for Europay, MasterCard and Visa. This is the standard for integrated circuit cards, point-of-sale (POS) terminals and automated teller machines (ATMs) in the credit card industry. EMV began as a co-developed global standard to facilitate interoperability between computer smart cards and terminals used by major financial services companies. A consortium of financial firms currently operates the standard and is known as EMV Co.
Point-of-sale terminals that meet EMV standards often require cardholders to use a personal identification number or PIN instead of simply providing a signature, which adds an extra layer of security. The EMV card also contains an integrated circuit chip, which encodes each transaction differently. If a criminal intercepts data from a smart card transaction, the data cannot be reused to make another purchase. The EMV standard covers the physical aspects of cards and devices, as well as data processing capabilities and technology. This applies to swipe cards (called contact cards) and contactless cards (contactless cards), as well as new e-commerce standards and online transactions being developed. Credit and debit cards traditionally used a magnetic stripe to manage cardholder data. After that, the cardholder will sign the confirmation when making the purchase. Because signatures can be forged, this system does not provide a high level of security and the magnetic stripe is relatively easy to hack, exposing the cardholder's personal information to criminals.
Why do MICROS Systems Need EMV Solutions? The majority of Oracle's MICROS POS systems have not yet been modified to be IC-compliant and are still only capable of reading magnetic tape. Lack of upgraded technology puts merchants at risk of being fined by card companies and losing all chargebacks for not meeting up-to-date payment card standards. With a nationwide shortage of microchips, we still have hundreds of MICROS POS-compatible EMV terminals in stock and ready for immediate deployment. For businesses, an Emv Solution For Micros Symphony can prove to be quite significant. This is important due to the increasing number of credit card frauds. As of October 2015, if a customer uses a fraudulent chip card and the merchant does not have an EMV card reader, that merchant may be liable for fraud. This is called "transfer of responsibility". The impact of merchant liability has resulted in steady growth in chip card transactions. For businesses using Square Stand and Reader, in March 2015 chip card transactions were only 17% of total transactions. And that was seven months before the last liability change was enacted. In just five months, that number has grown to 36%. In July 2016, 71% of all card transactions were made with chip cards. The transition to an EMV card reader was quick, and swiping your card is now rarer than inserting a chip.
What We Can Provide? Our EMV terminal can accept all the latest EMV and contactless payment options. Since COVID-19 became a major concern, many restaurants are looking for ways to reassure their customers and increase restaurant occupancy through safer transactions. We can provide you with solutions; with our help, your MICROS POS system will be able to support EMV
chip readers, allowing you to transact more freely. We provide Emv Credit Card Reader For Micros 3700 and Micros Symphony.
We Provide Free technical support for your Micros POS machine Our Micro Integrated Payment’s Shift4 technology recently acquired MICROS Retail Systems Inc., one of the nation's leading MICROS POS resellers. All new merchants joining will receive free 24/7 support from MICROS Retail systems. There are approximately one hundred MICROS representatives available to handle all technical and software services for our esteemed customers.