Posted: Feb, 19, 2025 11:08 PM ET • 3 min read

Today’s “convenience is king” mantra undoubtedly influences businesses’ service offerings, including how their customers can make payments. EMV, formally known as Europay, MasterCard, and Visa-certified payments, allows customers to make payments easily and assures that personal banking information is protected. In the parking and mobility landscape, the rise of digitalized transactions is causing an increase in demand for EMV-certified payments at parking facilities across Canada.

This article breaks down what EMV payments are, how they work, and why it is beneficial to offer EMV-certified payments at your parking facility.

What are EMV-Certified Payments?

EMV is the worldwide standard for credit and debit card security. This was achieved using chip technology instead of storing customers’ data on a magnetic stripe as cards with magnetic stripes were vulnerable to getting duplicated using a “skimmer” machine. It would then allow for counterfeit cards to be made with the stolen cardholder data, enabling fraudulent purchases and charging transactions to the original cardholder’s account.

EMV-certified cards use a microchip to add an extra layer of security for cardholders and businesses. Each chip transaction generates a new code, making it difficult to create a counterfeit card. Even if access is gained to the transaction code, it can’t be duplicated as it can only be used once. This makes it easy for the card company to identify when and where the fraud occurred.

EMV-Certified Payment Options

EMV payments offer a variety of options for cardholders. “Swipe and Sign” is one form of payment from which EMV cardholders may choose. Customers can swipe their card and the payment terminal requests approval from the bank. Once the bank approves the transaction, the customer signs a receipt to complete the sale. Another option for cardholders is to insert their card into the payment terminal and enter a four-to-six-digit PIN code which adds another layer of security for customers. If the cardholder chooses, they can tap their card to make a payment with the help of radio frequency antennas that send a signal to the issuing bank. This is the most convenient way for customers to pay, as it only takes a few seconds.

Why EMV Certification Matters

Reducing fraud is the key reason why EMV certification is a game changer. Card cloning is extremely difficult with EMV cards having transaction-unique codes. It helps businesses comply with security standards and reduces liability for fraudulent transactions. As of October 1, 2015, banks and processing networks put the blame on businesses for fraudulent charges if they do not have an EMV processing device, resulting in fraud charges being passed onto the business and not the customer. Due to its highly secure payment procedures, banks and processing networks continue to make an effort to accelerate the adoption of EMV.

The security and guaranteed authenticity make having EMV certification a necessary step for any business looking to protect customers from potential card and data theft. For parking facility owners, upgrading to EMV systems will ensure you are staying up to date with compliance requirements and give customers peace of mind knowing their banking information is protected from fraud. Since EMV-certified payments have emerged as customers’ preferred payment method for their secureness and ease of use, offering EMV-certified payments at your parking facility will boost your facility's customer satisfaction and retention.

References

Bruce, C. (2023a, December 28). Accepting EMV-certified payments is more important than you think. Parking Industry. https://www.parkingindustry.ca/parking-revenue/accepting-emv-certified-payments-is-more-important-than-you-think

Kando, A. (2024, June 20). Magstripe vs. EMV. TouchBistro. https://www.touchbistro.com/blog/magstripe-vs-emv/

Mamonova, Y. (2020, July 7). Complete guide to EMV: Principles, benefits, and drawbacks. Ikajo. https://ikajo.com/blog/complete-guide-emv-principles-benefits-drawbacks

Square. (2024, January 2). A guide to the liability shift: What businesses should know. The Bottom Line by Square. https://squareup.com/us/en/the-bottom-line/operating-your-business/liability-shift