What is an QuickBooks EMV Card reader?
EMV stands for Europay, MasterCard, and Visa and is the international standard for innovative card payments and acceptance devices. EMV refers to smart or chip cards with an embedded chip or microprocessor that offers enhanced protection and other features not available with standard magnetic stripe cards.
Since the embedded chip is more reliable than conventional magnetic stripe technology, EMV provides retailers with improved fraud protection against counterfeit, lost, or stolen cards. The chip in EMV-enabled cards produces a one-time code that fake cards cannot duplicate.
Many countries have already implemented EMV, and the United States moved to EMV chip cards in October 2015. That means you might be held accountable if you swipe a counterfeit EMV/chip card with a magnetic stripe reader today.
How to differentiate between a Chip and PIN and a Chip and Signature?
Chip cards come in two varieties: Chip & PIN and Chip & Signature. To complete a Chip & PIN transaction, a PIN is required, and any data stolen from the merchant is worthless because transaction data expires once it leaves the Chip & PIN reader.
A customer signature is required to complete a Chip & Signature transaction. In the United States, most credit card companies only sell Chip & Signature. Chip cards have the same magnetic stripes as non-chip cards and can be used in a standard swipe or critical entry transactions, but EMV card readers’ extra security would not protect them.
Where to buy a QuickBooks EMV Card Reader?
You can use an EMV card reader instead. You can either do nothing and continue to accept credit cards as expected, but you’ll be more responsible for fraudulent purchases caused by counterfeit cards.
QuickBooks GoPayment and QuickBooks Point of Sale Desktop 12.0 now have EMV readers. If and when other EMV items become eligible, we will notify you. The mobile QuickBooks Payments EMV Card Reader is available for $30 if you use our GoPayment app to receive payments at {https://quickbooks.intuit.com/commerce/e2e/checkout/redirect_to_cart.jsp?offeringId=0000000000013300102&successUrl=/commerce/e2e/cart/shopping_cart.jsp&quantity=1}.
Things that you should know of QuickBooks EMV Card Reader
If you plan to process card-present transactions in the future, you can order an EMV card reader to protect yourself from counterfeit or stolen EMV/chip cards. You would not be affected by the EMV liability change if you just key in credit card details instead of swiping cards, but you should still be mindful of ways to avoid fraud while processing online or phone purchases.
EMV enforcement is not a legal requirement, and it is up to each business to determine whether or not to upgrade to EMV card readers. Since the embedded chip is more reliable than conventional magnetic stripe technology, EMV can help protect your company by offering improved fraud protection from counterfeit, lost, or stolen cards.
Since the EMV system reads the microchip to help authenticate that the credit card is legitimate, EMV transactions can take longer than standard magnetic stripe cards. The chip card must be inserted into the entire transaction system, including back-and-forth contact, during the authentication process.
You can get an EMV reader if you’re worried about fraudulent credit card purchases. Reading the microchip with an EMV reader verifies that the credit card is legitimate, reducing the responsibility for fraudulent purchases. Consider the following questions when determining whether or not you need an EMV-compatible reader:
- Do you sell to consumers you’ve never met before?
- Do you deal in high-priced items?
- Will it significantly affect your company if you accepted a fraudulent credit card and could not recover the funds?
Conclusion
In conclusion, QuickBooks Desktop software helps you manage a particular organisation’s finances and makes things easy for you, and the software has few features. You can integrate with another app that will make handling the finance super easy, and the EMV card reader is one such thing that will make accepting the payments very easy. This blog’s whole idea helps you understand the QuickBooks EMV Reader to use it to your benefit. I hope that this blog helped you and was worth your time.