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How EMV chip cards affect patient payments – Top 5 Things to Know

shutterstock_257412820-smThroughout 2017, there has been extraordinary focus on EMV card acceptance within hospital systems.

Check your wallet. You may notice that some of your credit cards may have a chip embedded in it. This, my friend, is an EMV chip. It’s designed to be more secure than the magnetic strip which can be easily duplicated.

There’s a lot of information out there about EMV, but not a lot about how it affects the healthcare industry. How are you supposed to know what’s accurate? Do you even have time to research it?

Have no fear, we’ve done the work for you. We’ve compiled a list of the top 5 things you need to know about how EMV chip cards affect patient payments.

  1. EMV compliance is mandated by the credit card brands – not a law set in place by the government.
  2. EMV only applies to point of care/card present transactions.
  3. October 1, 2016 was the start of the race, not a deadline, to get up to speed with the new technology.
  4. Cards need to be dipped into the terminal, not swiped, in order to be considered EMV compliant.
  5. Liability shift applies only for counterfeit cards – NOT lost or stolen cards.

PaymentSafe provides healthcare’s most secure EMV-ready solution. To learn more, contact Jorge Wong, Sr. Product Director at Experian Health at jorge.wong@experianhealth.com.