Additionally, it can save university merchants from significant fraud-related losses. That said, EMV compliance goes a long way to protect both universities and their consumers. What Does it Mean to be Compliant?ĮMV compliance is a standard rather than a legal requirement. Universities must implement EMV-capable card readers and terminals at the point of sale (POS) to be considered EMV compliant.
It solves the security problem by creating a new transaction code for each transaction that takes place. EMV’s chip-embedded “dip” method replaces the now outdated magnetic strip “swipe”, which has faced issues with counterfeiting due to thieves copying data embedded in the strip.ĮMV represents a suite of security standards for credit and debit card transactions and NFC mobile payments. With chip-embedded EMV cards, customers can authenticate by inputting PINs or using the tap-and-go function.
The EMV compliance framework was designed to combat fraud. This chip is a microprocessor - essentially a fully operating computer system - which is tamper-proof and almost impossible to replicate. Most credit and debit cards in 2021 are fitted with a small chip located on the front of the card. What is EMV?ĮMV, which stands for Europay, MasterCard®, and Visa®, is a technical standard for payment cards that increases the security of transactions. We’ll discuss what EMV is and why EMV is especially important for universities. Merchants that accept cards in a face-to-face environment must be equipped with chip-compatible equipment or risk losses related to chargebacks and fraud. In a post-liability shift world, EMV compliance is not optional. Not only does this largely prevent the production of counterfeit cards, but enables dynamic authentication. Not only does it boost consumer confidence, but it’s a matter of compliance with the latest industry standards.ĮMV refers to the increased security of payment card transactions via chip-embedded credit, debit, and payment cards. For universities that accept payments across multiple departments - from bookstore payments to tuition payments - securing credit and debit card payments is not optional. PCI Compliance + Payment Security Protect data and complete SAQs knowing your payments systems are PCI compliant.Ĭonsumers want to make payments quickly, easily, and securely.Training, Support + Maintenance Access payments expertise, systems support, and PCI compliance help with our dedicated team.System Implementation + Integrations Put in place more effective systems and integrate seamlessly with our unique solutions.Custom Payments Strategy Devise a custom payments strategy that addresses your short- and long-term goals.
Payments Assessments & Solutions Discovery Get the full picture of every payment system with an exhaustive current state analysis.Gain access and visibility into all the data at your fingertips. Merchant Service Support & PCI Compliance Prevent data breaches and complete audits with ease.Custom Dashboard Gain control of treasury, finance and accounting with your own custom payments processing dashboard.Reporting + Reconciliation Get campus-wide visibility into payment system transactions and integrate reconciliation for financial accountability.Credit Card Processing Improve your credit card systems to streamline payment processing, improving the cardholder experience.Online Payments Accept payments in the most flexible, convenient way by leveraging your online systems.
Device Installation Use your chosen software and integrated devices to create a seamless experience across campus.Point-To-Point Encryption (P2PE) Prevent data breaches with PCI Validated P2PE and reduce PCI compliance scope and costs.Payment Processing Solutions Get a custom solution that fills the gaps - from athletic ticketing to the cafeteria and alumni development.Use our higher ed payment solutions to gain visibility into your payment systems, helping you save time, increase revenue, and meet PCI compliance standards.