What You Need to Know About EMV
EMV certification has become a must in eCommerce. This certification is short for “Europay, Mastercard, and Visa”. It is based upon a standard for authentication of transactions worldwide.
In this article, we will have closer look at what you need to know about the EMV certification.
History of EMV certification
EMV certification dates back to 2005. Starting January 1st of 2005, EU merchants were held liable by fraud that occurred in non-EMV systems. The U.S. followed suit in 2015. Merchants would now be held financially responsible for fraud that followed non-EMV transactions.
EMV is considered a safer option, primarily due to its high authentication standard.
What makes EMV safer?
As mentioned above, it is the transaction authentication standard that makes EMV safer. EMV employs integrated circuit cards. These increase the security of the transactions, as compared to the former magnetic stripe cards.
To offer the customer safer transactions, gateways, payment facilitators, and companies, all work towards the EMV certification. But how does one get EMV certified?
The process of EMV certification
In order to receive the EMV certification, the company must follow a predetermined process. Below, we have laid out the different steps a company must complete.
1. Choice of hardware, software, and acquirer
Before the EMV certification process, the company must make several decisions. Primarily, there are three decisions the company must make. These are: Hardware, software, and acquirers.
First, companies must choose their terminal device. This hardware must be EMV compatible. Second, the company must choose a payment gateway software that will get the transaction to the acquirer. Third, and finally, the company must choose an acquirer that will process transactions.
Once these steps are completed, the company is ready to initiate the EMV certification process.
2. Host integration
An integration code must be implemented to facilitate communication between your system and the acquirer. A payment gateway must be set up to submit valid EMV fields.
There are no certification fees associated with host integration. However, there are development costs from coding this integration.
3. EMV certification
Finally, the actual EMV certification can be initiated. This is a process where the company and the acquirer utilize an EMV terminal and toolkit. The latter assists in executed test scripts.
The acquirer reviews test results, and if satisfactory, the company receives the EMV certification. Normally the administrative fee ranges from $2,000 to $3,000.
Learn more about EMV certification.
It is both a legal and social requirement to possess the EMV certification. Consumers want to feel safe when they pay your company. Ensure their full safety with an EMV certification today.
Tidypay specializes in payment technology, and we are more than happy to assist you with EMV. Contact us today in order to learn more!