You may be thinking you still have a choice about whether or not you  need to upgrade older POS systems to be EMV compatible. Technically, you  do, but making the wrong choice could hurt your business. The reality  is that if you’re not using  EMV compliant hardware for your credit and  debit card transactions, you’re leaving your business open to serious  risks and future problems.

The move from magnetic stripe cards to EMV cards is already in full  swing. Many consumers already have more than one EMV card, and as  expiration dates come up and cards get replaced, they will only acquire  more. As more of these cards begin to circulate, merchants who don’t  have EMV compliant systems will face more liability for fraudulent  transactions.

Fraud is a big reason, but not the only reason, that you need to make  your point of sale systems EMV compliant. Here are just a few of the  advantages you’ll gain, and pitfalls you’ll avoid, by upgrading to meet  this new standard.

Liability Protection

A deadline was set in October of 2015 that shifts liability from  credit card issuers to merchants in certain cases. This means that if a  merchant accepts EMV cards using a system that does not support EMV  payments, that merchant, and not the card issuer, is liable for any  fraudulent transactions.

Fraud Protection

EMV credit cards use two-factor verification, sometimes called chip  and PIN authentication. The chip embedded in the card is used to verify  the authenticity of the card, and a PIN or signature is used to verify  the cardholder. This extra layer of security makes it more difficult for  someone to use a stolen or counterfeit card.

Fewer Chargeback

The two-factor verification process will also have the effect of  lowering chargeback rates. It is more difficult for someone to use a  stolen card, as well as being more difficult for someone to say their  credit card information was stolen and used by someone else.

Local Card Verification

As you probably already know, with magnetic stripe cards the  verification process is handled by calling or sending data to your  credit card processor for verification. With EMV transactions, the card  is verified and approved locally on your EMV compatible device. You can  be certain that the card is legitimate as soon as the transaction is  processed, and the processing will be faster, allowing you to improve  your customer service too.

EMV Will Be A Major Payment Method

You still have the choice of using EMV compliant hardware or not, but  consumers will not be able to renew their magnetic stripe credit and  debit cards. For now, many EMV cards still have the magnetic strip on  the back for backward compatibility, but not all do, and as time goes  by, less of them will. If you’re not ready to take EMV cards, it will  eventually cost you customers.

Updating your systems to handle EMV payment methods is not as  complicated or expensive as you might think. In fact, in the long run,  it will cost your more not to upgrade. We’ll be happy to show you  options and help you find the perfect solution for your business.  Contact us at 1-800-944-3244 to get started today.

You  may be thinking you still have a choice about whether or not you need  to upgrade older POS systems to be EMV compatible. Technically, you do,  but making the wrong choice could hurt your business. The reality is  that if you’re not using  EMV compliant hardware for your credit and  debit card transactions, you’re leaving your business open to serious  risks and future problems. The  move from magnetic stripe cards to EMV cards is already in full swing.  Many consumers already have more than one EMV card, and as expiration  dates come up and cards get replaced, they will only acquire more. As  more of these cards begin to circulate, merchants who don’t have EMV  compliant systems will face more liability for fraudulent transactions. Fraud  is a big reason, but not the only reason, that you need to make your  point of sale systems EMV compliant. Here are just a few of the  advantages you’ll gain, and pitfalls you’ll avoid, by upgrading to meet  this new standard.

Liability Protection

A  deadline was set in October of 2015 that shifts liability from credit  card issuers to merchants in certain cases. This means that if a  merchant accepts EMV cards using a system that does not support EMV  payments, that merchant, and not the card issuer, is liable for any  fraudulent transactions.

Fraud Protection

EMV  credit cards use two-factor verification, sometimes called chip and PIN  authentication. The chip embedded in the card is used to verify the  authenticity of the card, and a PIN or signature is used to verify the  cardholder. This extra layer of security makes it more difficult for  someone to use a stolen or counterfeit card.

Fewer Chargebacks

The  two-factor verification process will also have the effect of lowering  chargeback rates. It is more difficult for someone to use a stolen card,  as well as being more difficult for someone to say their credit card  information was stolen and used by someone else.

Local Card Verification

As  you probably already know, with magnetic stripe cards the verification  process is handled by calling or sending data to your credit card  processor for verification. With EMV transactions, the card is verified  and approved locally on your EMV compatible device. You can be certain  that the card is legitimate as soon as the transaction is processed, and  the processing will be faster, allowing you to improve your customer  service too.

EMV Will Be A Major Payment Method

You  still have the choice of using EMV compliant hardware or not, but  consumers will not be able to renew their magnetic stripe credit and  debit cards. For now, many EMV cards still have the magnetic strip on  the back for backward compatibility, but not all do, and as time goes  by, less of them will. If you’re not ready to take EMV cards, it will  eventually cost you customers.  Updating  your systems to handle EMV payment methods is not as complicated or  expensive as you might think. In fact, in the long run, it will cost  your more not to upgrade. We’ll be happy to show you options and help  you find the perfect solution for your business. Contact us at  1-800-944-3244 to get started today.