Latest Payment Methods

As the industry continuous to evolves, NACCA is here to ensure our merchant accounts are in tune with what new technologies and changes can affect their businesses.

EMV (chip cards) readiness – liability shift

EMV (Europay®, MasterCard®, and Visa®) is a global technology standard for payment cards. EMV Chip Cards validate the authenticity of the card with the entity that issued the payment card, helping to reduce counterfeit card fraud.

Based on the regulations set forth by the card networks, merchants accepting card present transactions who have not migrated over to EMV technology by October 1st 2015 will be liable for fraud losses and counterfeit-card transactions. Merchants will be liable for Visa counterfeit transactions and

MasterCard and American Express counterfeit and lost or stolen transactions.

A small investment to upgrade your old equipment to become EMV capable can potentially avoid a chargeback loss due to the liability shift and not using an EMV terminal.

EMV chip cards are handled differently than what merchants are accustomed to. If you “swipe” an EMV (chip card) on an EMV terminal the terminal will prompt you to instead “insert” the EMV (chip card) to process using the chip. Rather than swiping, the EMV (chip card) is inserted into the terminal, chip first (face up). The EMV (chip card) must remain in the terminal during the entire transaction. The card holder will either sign the receipt or enter their PIN to complete the transaction. The EMV (chip card) is then removed from the terminal.

ApplyPay

ApplePay is a mobile payment and digital wallet service by Apple Inc that allows users to make payments using devices such as the iPhone 6, iPhone 6 Plus, Apple Watch compatible device, iPad Air 2, and iPad Mini 3. It digitizes the credit or debit card, stores a replacement card number and allows for wireless transmission of payment information with compatible point-ofsale systems.

Google Wallet

Google Wallet is a mobile payment application and digital wallet service by Google that allows users to make payments using compatible Google Android devices.

SamsumpPay – LoopPay (MST)

Samsung’s LoopPay Magnetic Secure Transmission (MST) technology emulates the magnetic field change as when a magnetic stripe is swiped across a read head. MST works with most magnetic stripe reading payment terminals allowing them to receive contactless payments from an MST device (card, mobile phone, phone case or key fob).

To learn more about the most current payment methods available, contact  NACCA.