The newest development in payment technology is the EMV chip. Its highly secure technology benefits both the consumer and the merchant because of the difficulty to reproduce sensitive information.
Consumer information is embedded in a microprocessor chip and protects sensitive data. Because it is not easily duplicated (like a traditional magnetic strip card), merchants are experiencing a reduction in instances of card present fraud.
Additionally, business owners who offer EMV chip payment methods may benefit from having the annual PCI DSS audit waived if 75% of payment brand specific transactions are processed through a dual contact or contactless EMV device. As a merchant, if you do not support this new technology, you may be held liable for any costs associated with counterfeit fraud.