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Why you should use EMV credit card readers You've possibly seen advertisement for cutting-edge credit cards with small chips. Rather than swiping a magnetic strip credit card, the customer in the commercial would insert the chip into a terminal or flash the chip in front of a reader and enter a PIN number. But what are EMV cards, and why should we be using them? According to Businessweek, the chips are harder to hack and counterfeit than regular striped credit cards. Here are 5 reasons you should switch to an EMV card and why merchants should switch to EMV terminals ASAP: # 1: EMV Cards are Smarter It might not look like much, but every one of those little gold chips on an EMV card contains an embedded microprocessor, a type of small computer that provides strong security features and other capabilities not possible with traditional magnetic stripe cards, according toEMVCo. With contactless EMV cards, the reader reads the chip and allows an exchange of data via radio frequency without the card ever leaving the customer's hand. # 2: EMV Cards are More secure EMV cards are thought about more secure since it's harder to copy account numbers and security codes from chips than from magnetic strip cards. EMV cards also create a unique code for each transaction, making them more difficult to hack or counterfeit. # 3: EMV Cards are Becoming Much more Available in the United States It's taken long than data security professionals would have liked, but EMV cards are slowly becoming more accessible in the U.S. Most major credit card companies are now making credit cards with EMV chips, like the Chase with their Sapphire Preferred Card, along with American Express and Citi Bank, according to NerdWallet. # 4: EMV Cards are the International Standard If you're going on vacation in Asia or Europe, you better have a EMV credit card. EMV cards are the standard worldwide, to https://www.facebook.com/Ecommerce-Simplified-997464833627504/ where some merchants no longer accept our magnetic striped cards. According to Businessweek, companies have been slow-moving to accept the more secure payment systems that have been commonly used in Europe and Asia for years, mostly because of the cost and a lack of synchronization among stores, credit card providers, and financial institutions. # 5: By October 2015, Merchants That do not Take EMV Will be Held Liable for Counterfeit Fraud According to Forbes, merchants and retailers have until October 2015 to upgrade to EMV systems. If they do not switch over by that time, credit card networks will, "... hold that an issuer or merchant who does not support EMV will assume the liability for counterfeit card transactions. If a merchant has not embraced, at least, the contact chip terminals and a contact chip card is presented, liability for counterfeit fraud will change to the merchant's acquirer." If you're a merchant, that means you would be held liable for any fraud that takes place to a customer's EMV chip card. Switching over to a EMV credit card and terminal is a great idea for customers and merchants alike, especially by 2015.