EMV payment firm? Ideally, it’s customer facing and can detect when a chip card is swiped, prompting the customer to insert the card instead. Proper EMV processing protects businesses from bank-initiated chargebacks. Simple enough, right? It’s actually not. Every terminal must go through extensive testing to become EMV certified. Let’s get these levels of EMV certification explained.
EMV Authorization Methods In addition to using the card in the merchant’s terminal to make a purchase, Chip and Signature requires a written signature like magnetic stripe transactions. Chip and PIN is used for debit cards and may also be used for credit cards. See smart card and gold chipped supercomputer.
EMV vs. Magnetic Stripe Transactions. Unlike magnetic stripe transactions, where typically only the card’s track 2 data containing the card number and expiry date is processed, every chip card transaction contain dozens of pieces of information to be exchanged between the card, the terminal and the acquiring bank or processors host.
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