Frequently Asked Questions
What is all this talk about EMV and Credit Cards?
EMV is the global standard for processing a credit card and stands for Europay, Mastercard, and Visa, but more importantly, EMV is just a more secure method of processing a credit card payment through a credit card reader. Each credit card will have an embedded microchip. These chips will hold all of the card holder information and act as a mini computer. The EMV cards are inserted into a slot instead of swiping through a magnetic card reader, making it extremely difficult to duplicate. The card and the reader securely transfer information back and forth to the card issuer during the sales process which will help increase security and reduce fraud. EMV is also knows as chip and PIN and chip and signature.
How does EMV affect my business?
Due to increasing fraud over the past 2 decades, card associations in the US have mandated that EMV be adopted in the U.S. What EMV does is make it extremely difficult for a retail business to accept a forged credit card. Some business types, such as gas stations and other unattended products, are more likely to be victims of accepting forged credit cards, but fraud is a problem that affects every business and EMV will go a long way to reducing these types of fraud. For online and businesses that accept transactions primarily over the phone, EMV will have very little effect in the short term. However, it is anticipated that in the future, EMV technology will be incorporated to on-line or card not present processing. The bottom line is the more businesses that switch to EMV and the more card holders who have EMV cards, the less likely it will be for any card to be illegally copied. It is very easy to duplicate a payment card with a magnetic stripe but extremely difficult, on the verge of impossible, to duplicate a chip embedded card. The migration to EMV cards is geared specifically towards decreasing chargebacks and fraud in the United States.
How long does it take to set up a company account?
It generally takes 1-2 business days to establish a company account. That time may vary depending on several factors such as completeness of the application submitted, accuracy of the information provided, and the processing volume requested.
Which credit cards will I be able to accept?
Visa and MasterCard acceptance are included with all of our company accounts. We also have special enrollment programs for American Express and Discover. You may request additional cards on your company application, or ask one of our representatives for details.
I already have a credit card terminal. Can I use it with your company?
In most cases, you will be able to reprogram your existing equipment to use with our company. To find out if your terminal is reprogrammable, simply complete a request for services form and you will receive a prompt response.
If I make the switch from my current provider to your company, when should I close out my current account?
You should wait until your new account is fully set up to process your transactions. Once you’re ready to process with us, you can inform your previous processor.