EMV Definition

By Phillip Parker

Last Updated: September 17, 2013

Merchant Account EMV Explained:

What is EMV? EMV, short for Europay, MasterCard, and Visa, is a set of standards governing card authentication technology that utilizes a chip embedded in a credit card rather than a magnetic strip. Also referred to as “chip and PIN” or “IC” (integrated circuit) cards, EMV technology has been the standard form of card payment across Europe since 2005, and it will be introduced as the new card authentication standard within the US in coming years.

EMV card processing takes place in a slightly different fashion than magnetic strip swipes. With Chip and PIN payment, a customer inserts the end of the card that contains the chip into a reader and enters a PIN in order to authenticate a payment; Chip and Signature payment options also exist in which the customer signs a receipt rather than enters a PIN. EMV technology is perceived as being more secure than magnetic strips, although it has been proven to have some fraud susceptibility.

EMV Switch Video Explanation

Use of this video does not constitute an endorsement of any kind by CardPaymentOptions.com.

About The Author

Phillip Parker

Phillip Parker is an independent card payment expert specializing U.S. and Canadian point-of-sale, e-commerce, and mobile payment acceptance. He has nearly two decades of experience in credit card processing as a journalist and consultant. Phillip is the creator of this website and has written over 1,500 articles covering numerous payment acceptance topics. He has also published critical reviews about most merchant services providers currently in operation.

Expert Guidance

Phillip has consulted businesses of all sizes from mom-and-pop shops processing $10K per month to enterprise level organizations processing in excess of $300MM annually. His specialties include:

– Merchant Account Statement Auditing

– Rate & Fee Negotiation

– Processor & POS Selection

– Software Integrations

– Risk Assessment

– Fraud Prevention

– General Processing Advice

Schedule a Consultation Here

Phillip’s Top Picks

Phillip has researched and reviewed over 1,000 merchant services providers over the last 15 years. He also owns multiple businesses that accept credit card payments. If you are looking for an ethical credit card processor that doesn’t hide fees or lock you into expensive contracts, see Phillip’s merchant account picks here.

In The Media

In addition his contributions on CPO, Phillip has also been quoted in several major publications such as The Los Angeles Times, INC Magazine, Miami Herald, Computer World, and numerous others. If you would like to interview Phillip for your story or podcast, please reach out here.

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