Hospitality: 800-683-2778 | Retail: 877-809-9980 PAY MY INVOICE

Are Signatures Required When Using EMV?

By now, most retailers have shifted to using EMV, or chip-based credit card processing. The main reason for implementing the change was to limit fraudulent charges. The information stored on the chip is harder to duplicate than the magnetic stripe on the back of a credit card.

Old Methods of Validating Transactions

Before EMV, signature capture was the one method stores could use to validate that a customer came in and authorized the transaction. It was the only option to fight chargebacks.

New Methods of Validating and Protecting Transactions

Since EMV processing, shifts the liability from the retailer, signatures are no longer required when a customer disputes a charge. If the retailer processed the transaction with using the cards chip, and the transaction was fraudulent, the credit card processor is liable, not the business.
In addition to the chip, there have been other technological advances to limit fraud:
  • Biometrics – Face or fingerprint validation when using digital wallets like Apple Pay or Google Wallet
  • Tokenization – During processing, the full card number is tokenized so that it cannot be read at any point during transmission to the credit card process for authorization
  • PCI Validated Point to Point Encryption – Counterpoint can support Bluefin Point-to-Point Encryption for the Ingenico payment terminals

What is required to turn off signature capture?

1. Counterpoint Version 8.5.4.1 or above

What are your next steps?

1. Check with your Merchant Processing Vendor to see if they still require signatures – they may still want the signature in case of a potential fraudulent charge.

2. Contact i3 Verticals Point of Sale and speak to the Sales or Support team to understand if you need a Counterpoint service pack or upgrade

Sources:

Recent Posts

Guest presenter and attorney Tyler Woods from Fisher Phillips discusses updated COVID-19 protocol for restaurants and hotels as well as the legality behind certain requirements. This webinar is an overview of how to continue operating during the COVID-19 pandemic.
Counterpoint has the functionality to make suggestions about what items should be purchased called Purchasing Advice.
A margin is the percentage of a selling price that is profit for the business or organization. Most businesses have commonly used margins for some or all their items. Margins can help you define pricing for your items, but did you know that Counterpoint can make suggestions using margins?
For many businesses items are often sold in groups, whether that is a gift basket you put together for a holiday, a service that you provide that ends up using your inventory items, an item that requires a deposit be charged, or just items that are commonly sold together.

i3 Verticals, LLC is a registered ISO of Wells Fargo Bank, N.A., Concord, CA | i3 Verticals, LLC is a registered ISO of RBS Worldpay | i3 Verticals, LLC is a registered ISO of Deutsche Bank, USA, New York, NY i3 Verticals, LLC is a registered ISO/MSP of Merrick Bank, South Jordan, UT | i3 Verticals, LLC is a registered ISO of Harris NA, Chicago, IL | i3 Verticals, LLC is a registered ISO of Fifth Third Bank, Cincinnati, OH Copyright i3 Verticals, LLC © 2019. All Rights Reserved.