What you need to know about EMV / Smart Cards, and how Arts People will be working to integrate with them.
EMV stands for Europay, MasterCard and Visa. It is the new credit card format that includes a smart chip built into the card for more advanced and secure credit card processing for in-person transactions.
Online transactions are not affected (the chip in the card requires an EMV reader). There are no immediate plans to make EMV cards work online.
Magnetic credit cards in circulation will be active for the foreseeable future. The credit card companies have not set a date for phasing out magnetic stripe cards.
The US has been gradually moving to the EMV standard for many years, but recently the upgrade has gained momentum. In particular, a change in the responsibility for credit card fraud will take place on 10/1/2015.
It's important to note that for arts organizations, the risk of credit card fraud is extremely low. In fact, in the past 10 years, we've heard of no cases of credit card fraud perpetrated against our customers.
Requirements for EMV
Some of our government funded clients are being required to adopt EMV processing with terminals. If this is the case for your organization, you'll need to use your own merchant account. Ask your merchant provider about an EMV terminal that they are compatible with and talk to us about activating the CCE payment method on your system to input the payment on transactions processed with the external terminal.
Swipe and signature, the former standard for credit card processing, is still acceptable for processing. Smart chipped cards will still continue to work with credit card swipers, verified with the patron's signature. This will continue to be acceptable for years to come as merchants slowly transition over. (For added protection, you can ask to see the patron's photo ID to see that the card name matches the ID and the person using it is pictured on the ID.)
Keywords: smart chip, smart card, chip and pin, emv, Europay, MasterCard, Visa