Beginning October 2015, it's recommended that merchants adopt the new chip and pin technology when accepting credit cards . . . or risk absorbing liability for fraudulent transactions. 

What is EMV and how does it work?

EMV is a global standard for credit cards containing a crime-fighting computer chip and the technology to read and authenticate cards in a way that seriously reduces fraud. EMV stands for Euro-pay, MasterCard, Visa—the three companies that created the standard more than a decade ago. Banks and credit card issuers have begun the transition to EMV which is set to fully take effect in the U.S. on Oct. 1, 2015.

The micro-processing chip is embedded behind the small metallic square (called a contact plate) on the front of an EMV card. That chip stores secure information necessary during payment processing. The encoded information combats card cloning and skimming. The card is authenticated each time it is used, so even if card data is stolen, it cannot be used again because each transaction generates a unique code.

Much like credit cards with the familiar magnetic strip, the EMV card operates in concert with a terminal at the point of sale. Cards are inserted into the terminal or, in the case of contactless transactions, held within proximity of a reader. During the process, data flows between the chip-enabled card and the issuing financial institution to assure that the card is legitimate and to create a new set of transaction data.

99.9% of the PoS (point of sale) terminals in Europe are chip-enabled currently, and the United States is the last major market to embrace EMV technology. EMV has been proven successful in limiting security breaches and counterfeit card fraud in Europe and around the globe. According to the Smart Card Alliance, 47 percent of worldwide credit card fraud originates in the U.S., while face-to-face credit card fraud has been reduced by 72 percent in Great Britain since 2004, thanks largely to EMV. Not only does it protect consumers, but it also helps reduce costs associated with illegal credit card activity which is estimated to be in excess of $10 billion in the U.S. alone.

Effective 10/1/19:

In order to process card-present-swiped transactions (USB Swiper, CP Mobile Swiper & EMV Chip Terminal), our Retail merchant account is required and has merchant fees associated with it. 

EMV Terminals come with a 30-Day Money-Back Guarantee. Items must be returned in new condition in their original packaging postmarked within 30 days of purchase. There is a $50 restocking fee for each EMV terminal returned. Refunds (less the restocking fee) will be posted against the original payment within 10 business days of receipt of return. The merchant will be responsible for all return shipping fees. For assistance with returns, merchants will need to contact our Merchant Services Dept at (877) 343-8950 x105. There is a 1-year manufacturer warranty for out of the box equipment failure. Additionally, Cash Practice provides an additional 1-year warranty for out-of-the-box equipment failure (increasing the warranty period to a total of 2 years). If the terminal has failed within the warranty period and cannot be repaired a replacement will be provided. In the event, a terminal fails after the warranty period but less than 3 years since purchase, a new terminal can be purchased at a reduced cost. Physical damage of any kind is not covered. The manufacturer does offer repairs on non-covered issues for a fee. Merchants will need to contact our Merchant Services Dept for assistance at (877) 343-8950 x105.