EMV is a global standard for cards with an embedded microchip and the technology used to authenticate chip card transactions. It stands for Europay, MasterCard, and Visa, the three companies that originally created the standard.
EMV's purpose is to eliminate fraud and protect sensitive payment-related data. It is considered the most advanced and secure way to process card transactions. Today, there are more than 1 billion chip cards in use around the world. The US is one of the few industrialized nations that has not yet fully transitioned to this technology standard.
Soon, every credit and debit card issued in the US will contain an EMV chip and merchants will need the technology to accept them. This is a good thing, because EMV chip card payments are much more secure than magstripe cards. By accepting chip cards, you will reduce your liability for fraud. Read more about the liability shift in the next question.
Since October 1, 2015, if you accept payments by reading the magstripe of a card instead of the chip, you may be liable for the cost of counterfeit fraud. The term "Liability Shift" refers to the change in who bears the chargeback related cost of fraudulent transactions. By accepting chip card payments with SumUp you are on the safe side: Just place the card in the terminal and do not swipe it (most EMV cards also have a magstripe on the back)!
Not all your customers will have chip cards just yet. The good news is, you are not liable for fraudulent charges made with magstripe-only cards.
By accepting EMV chip cards, you reduce your liability for fraud. Chip cards make it difficult for fraudulent organizations to target cardholders and businesses alike. With the liability shift (since October 1, 2015) you are not liable for the cost of fraud for chip card payments.
Your device will be shipped within the next 4 weeks.
Given the high volume of interest, we recommend you to buy your card reader now. First come, first serve.
With SumUp Air you will be able to accept all types of payments: chip, pure magstripe, and contactless NFC payments. No need to switch between terminals. Your customer wants to pay, and your SumUp terminal covers it all!
You can accept all debit and credit cards, including Visa, American Express, Diners, Discover, and MasterCard.
With SumUp Air you will be able to accept all types of payment: chip, pure magstripe, and contactless NFC payments. No need to switch between terminals. Your customer wants to pay, and your SumUp terminal covers it all!
SumUp only charges a simple fee per transaction of 2.75% - no matter if you dip, swipe, or tap the card. That's it!
There are no hidden fees and no monthly costs.
Yes, we are hiring!
More than 100 outstanding people from over 20 nations have helped us in achieving our goals in 15 countries so far, but of course we won’t stop there. SumUp is a place to work at with major offices in Berlin, London, Sofia, São Paulo — and very soon in the U.S. At SumUp you will encounter people who are as passionate, professional, and skillful as you are. Our team is what makes working at SumUp so special.
Please check sumup.com/careers for our open positions!