SecureTablePay brings the security of EMV right to the table. Client data is protected by the chip in their credit cards and restaurants can breathe easy knowing that EMV processing will protect them for costly charge backs from fraudulent cards.
Before that little chip was placed in cards, credit card data was stored on the magnetic strip on the back of the card. The card number, the expiration date and the name of the card holder could easily be stolen with a quick swipe. The Chip changed this. That little chip creates a unique encryption code every time it is used. Verifying to the bank that the correct chip was present with the correct card at the time of the transaction. This little dance between the chip, the point of sale and the bank stops fraud in its tracks.
Although, you always need to be PCI compliant, because there is no cardholder sensitive data that gets exchanged between the payment terminal and your POS system, SecureTablePay will reduce your PCI scope.
EMV Chip Cards: The Good, The Bad, The Ugly
Over half of the world’s credit card fraud happens right here in the U.S. In response, debit and credit cards with an EMV chip has been heavily pushed by the U.S. government, and readily adopted by merchants.
Europay, Mastercard, and Visa, the three largest credit card issuers in the world, developed a super small computer in the form of a metallic chip embedded in debit and credit cards. This technology is called EMV, and it is now the international standard of card transactions and among the most formidable developments in the hospitality industry.
Instead of swiping magnetic stripes, the newest iteration of debit and credit cards involves dipping EMV chip cards into a payment terminal, often right at the guests’ table.
Learn about the good, bad, and ugly of EMV