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:
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.