Chelsea Groton Bank Spring 2017
Business Matters Chelsea Groton understands big business concerns, small business needs... and where the two intersect.

Benefits of Business Banking: Choosing the Right Partner
to Keep EMV-Compliant

EMV CardWith EMV-compatible technology, an option available through Chelsea Groton Bank's extensive business banking offering, processing rates and fees are kept low; credit and debit cards use a chip to store data which improves a card's security; and businesses can reduce the risk of credit card chargebacks. As of October 2015, businesses that have opted not to upgrade to EMV equipment could be held financially liable if a data breach or counterfeit transaction occurs at their place of business.

Chelsea Groton has selected TSYS, the 6th largest credit processing company in the country, to help its customers stay EMV-compliant. One of the reasons that the partnership with TSYS is advantageous is that TSYS has employed a representative who lives and works in the region to be dedicated solely to the needs of Chelsea Groton business customers.

Here are some more details on the benefits businesses can experience with EMV technology:

EMV is the standard for debit and credit card processing in the United States. The cardholder information that is stored in the small chip on the front of the card is more secure than the traditional magnetic stripe because it is more difficult to replicate. When a purchase is made with an EMV-enabled card, security information and dynamic CVV is used in the authorization request. The dynamic CVV changes for each transaction and is validated against what is expected. Financially, it's advantageous for businesses to accept chip cards because a chip card reader could prevent liability costs in the future.

Not all customers have received chip cards from their credit and debit card companies, so it's important to ensure both chip and magnetic readers are made available to customers. Some chip cards require pins, and others require signatures to close a transaction. All EMV equipment is designed to accept both types of chip cards that are currently on the market.

Investing in the most up-to-date EMV equipment will ensure you can enable EMV with a simple download once EMV-capable applications become available and your business is ready for it. This way, your business will be in a position to be completely compliant and prepared for the liability shift.

Unsure if you are processing EMV-compliant? Contact our Business Banking Department at 860-448-4203 or growthatbusiness@chelseagroton.com.


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