EMV Compliance

Accepting Chip Card Payments is a New Necessity

What it Means

EMV^® stands for Europay, MasterCard ^®and Visa^®, the three Card Associations responsible for banding together to combat credit card fraud on a global level. Together, these companies spearheaded the move from magnetic “swipe” payment cards to those embedded with a secure microchip. This technology:

Stores credit card data on a secure chip
Assigns a unique value to each transaction for maximum protection from fraud
Makes it virtually impossible to copy or steal credit card data
Allows for the card to be accepted securely across the globe
May require the use of a PIN to further reduce fraud due to lost or stolen cards

Why it Matters

EMV implementation brings with it a huge shift in accountability and liability. Since October 2015, your practice or enterprise is liable for the cost of fraud on transactions using a chip card but not processed on an EMV-capable terminal. As long as you are compliant with EMV regulations, you won’t be liable for these transactions.

What We Can Do

Rectangle Health offers a wealth of EMV solutions that are easily integrated with your software. You will benefit from:

Dual Verification

A chip card-enabled terminal validates the card, and the cardholder authenticates they are the card owner while the card is still in the POS terminal.

Fraud Reduction

Security features built into the chip reduce lost, stolen and counterfeit fraud. Unlike traditional magnetic stripe transactions, the EMV credit card terminals and chip-enabled cards work together to validate the card and cardholder.

Reduced Financial Liability

Your ability to support chip card transactions eliminates your financial liability if a fraudulent transaction occurs.

What You Should Do

Healthcare practices that have not yet transitioned to EMV card acceptance should consider doing so immediately to protect themselves and their patients. This typically requires a software update and the installation of an EMV-capable terminal that can handle chip cards. Rectangle Health is ready to assist you in the transition process.

Rectangle Health Guarantee

If you don’t see a dramatic reduction in accounts receivable balance after a few months of instituting our full program, we’ll take the entire system back at no charge to you.