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Israel is switching to EMV settlement
As a business owner, you’ve probably heard or seen the term “EMV clearing.” What does it represent, and how does it affect us as business owners who deal with credit card processing on a daily basis?
EMV is an acronym for the names of the three major credit card companies: Europay, MasterCard, and Visa.This is an approved international standard for protecting debit card payment transactions, based on the usage of a “smart card” – credit cards with a chip that helps to protect the customer’s credit information. The standard refers to phone or internet-based remote payment.Credit fraud has been shown to have fallen dramatically (by nearly 80%) in Europe after the introduction of the card.This trend was continued in all nations where the new settlement mechanism was implemented, resulting in a considerable reduction in the rate of fraud in the field.As of August 1, 2017, every new terminal opened in accordance with the Bank of Israel order, as credit organizations gradually transition all businesses to a more secure settlement using EMV cards supplied to clients already today.
Why should businesses use the EMV standard?Specifically, so that your company’s data is protected than before.The relevance of the particular chip in preventing identity theft is twofold: the chip makes it much more difficult for credit card counterfeiters, who have difficulties making an identical chip, to steal your identity. Furthermore, the chip makes it impossible for credit card thieves to use stolen credit cards because using a credit card with the chip necessitates entering the secret code – and the same is true when attempting to withdraw money from ATMs.The smart card will improve your client’s buying experience because the transaction is completed directly by the customer without the need to pass the card to the merchant.The credit firms’ benefit for business owners – utilizing the card is projected to cut the credit companies’ and businesses’ costs for covering fraud and forgeries in the world of credit cards.IsCard recommends that you join the EMV standard immediately to secure your business.
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