We found that many merchants have still not replaced their terminals to EMV technology. While some merchants are just unaware, others are lacking capital to invest in new equipment. With the EMV Program we hope to raise awareness among merchants.
Boca Raton, FL (PRWEB) November 06, 2015
MagicPay Merchant Services has announced a program to place free EMV terminals with merchants who do not currently have one. With this new program, any merchant that applies for a merchant account with MagicPay, and that does not yet have an EMV terminal, will receive one at no cost. Additionally, these merchants will have access to the “American Express Full Acquiring Program”. This program offers reduced rates for AMEX transactions and single-batch processing for all card types (to include Visa, MasterCard, Discover and American Express). Together, these benefits make MagicPay stand out from other merchant services companies that are lagging behind in the adoption of new technology.
EMV is a very important innovation. The acronym EMV stands for Europay MasterCard and Visa. The concept of this innovation is that will the new “gold standard” for credit card processing security. Credit companies are issuing new cards to customers that are embedded with computer chips. These new cards with the chips are harder to counterfeit and, therefore, safer for card users. However, for the cards to achieve anything, merchants must implement new terminal systems that are designed to read the chip embedded in the card.
The transition to EMV cards began in earnest on October 1st, 2015 and millions of cardholders are receiving new cards each month. The plan is for all cards to be eventually replaced with new EMV cards, making for safer processing for all involved.
Merchants should have a particular interest in upgrading to new EMV terminals. Becoming compliant with the new EMV format is important because merchants who do not upgrade are exposing themselves to risk from fraud, as well as putting their customers at risk. These risks make the new terminal placement program from MagicPay even more valuable than it would be otherwise.
Formed in 2012, MagicPay quickly grew to become a leader in merchant account processing—focusing on mobile payments. In the years since the company launched, MagicPay has led the way by rolling out numerous innovations including eco-friendly statements, advanced mobile processing, and processing solutions designed for specialized industries. Providing EMV terminals is just one of many ways that MagicPay will continue to lead the way in the world of credit card processing today and for years to come.