Unlocking the Secrets of EMV Certification: The Brief Guide to Secure Payment Processing
A global standard for verifying financial transactions is known as “EMV,” which stands for “Europay, MasterCard, and Visa.” EMV card transactions are more secure than those made with magnetic stripe cards since the standard is based on the use of integrated circuit cards. Here you may learn more about the EMV specifications.
Merchants in the European Union who process transactions using non-EMV systems are legally responsible for any fraudulent activity that arises from such transactions as of January 1, 2005. From the end of 2015, American retailers were on the hook for the obligation. With the association’s assertion that merchants would be held liable when a customer attempted to use an EMV card in a store that didn’t have an EMV terminal but then lost money because of fraud, EMV certifications are a significant concern in the United States.
Merchants don’t have to be experts on the EMV certification process or know everything there is to know about payment gateways, facilitators, and proprietary payment ecosystems. But it is up to them to add support for EMV payments to their products so that their customers can buy things in a smooth and safe way. After all, a satisfied client is more likely to return, and in the competitive business world, repeat business is the key to success.
Table of Contents
Stages of EMV Certification
A business must decide on the three major aspects of EMV certifications before getting started:
- Hardware terminals for accepting and processing EMV payments. You may learn more about payment terminals by reading our article.
- Payment processing software, such as a payment gateway, sends financial transactions to an acquirer.
- One or more entities whose job it is to handle financial transactions (called “acquirers”).
After these choices have been made, the organization may go forward with the EMV certification, which is often divided into two phases: host integration and EMV certification.
Combining a host for payment processing
The major expense at this stage is the time and effort put into developing the integration code rather than any certification costs. Message-level connectivity between your system and the acquirer is required. In order for the acquirer’s system to “understand” the data submitted by the payment gateway in the form of EMV fields, the appropriate message structure must be developed as part of the integration. This method is analogous to the one described for classical integration in the corresponding article.
It’s a method that includes the usage of an EMV terminal (a terminal capable of processing EMV cards) and a specialized toolkit designed for that purpose. For each affiliation, the acquirer must certify a unique set of test scripts that can only be run using the EMV toolset. The acquirer is provided with the outcomes of the test scripts’ execution for evaluation. To ensure everything is in order, the purchaser sends the findings to the relevant associations for final approval.
Picking a device
Compiling a comprehensive list of all target devices in advance and including it in the first certification is essential. Terminals and readers must have kernels that are certified at the appropriate EMV level in order to be utilized.
An EMV toolkit may read information from the chip and update the information to be read in future transactions.
Creating a Terminal App
In the first place, a company that wants to handle EMV transactions has to choose a payment terminal that is EMV-supporting and acquirer-certified.
Also, the integration must buy a payment application for terminals that works with the operating systems and hardware of the terminal models it wants to support.
In order to speed up the development phase, it is common practice to either outsource the job or purchase previously built apps. However, doing either of these things comes at a cost.
The phrase “terminal management software” refers to a suite of applications designed for administering and configuring terminals. Updates to the software and remote control of the terminal’s setup are included in this category.
The terminal application must be compatible with card readers, signature capture devices, and other similar hardware in order to process current and future transactions.
Major manufacturers of terminals (like VeryFone) typically run their own payment processing systems. Businesses can “tie” their terminals to the manufacturer’s gateway by purchasing a terminal preloaded with the manufacturer’s application. Connecting an EMV terminal to a new gateway typically requires custom software development on the part of the merchant.
Choosing the Right Acquirers to Team Up With
When deciding which acquirers to work with, a company must keep in mind that different acquirers may demand different types of EMV certification depending on the countries in which the company plans to handle payments.
EMV toolkits typically cost between $10,000 and $30,000 per user. That’s why it’s important to think about the toolkit models an acquirer offers when making your choice. Doing so may help you find the best fit for your needs and budget.
Feel free to get in touch with our in-house payment specialists if you have any more questions about the matter.
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