EMV stands for EuroPay, MasterCard® and Visa®, and it’s a more secure form of payment. Rather than the ubiquitous magnetic strip, cards will come with embedded smart chips that will improve security and bring the U.S. in line with standards much of the world has already adopted.
Javelin Strategy & Research estimated that by the end of 2015, 29 percent of credit cards and 17 percent of debit and prepaid cards will come equipped with EMV chips. That total may not seem significant, but it equates to 166 million credit cards and 105 million debit and prepaid cards. By 2018, EMV will be nearly 100 percent prevalent among card users.
Your company needs to prepare for the future of EMV – and for government regulations that are rapidly approaching. Starting October 1, 2015, businesses will become liable for counterfeit fraudulent transactions taken at their point-of-sale systems.
It’s clear EMV payments will become increasingly prevalent and that businesses will have to comply with the liability shift starting October 1. Given these changes, your company needs to create a game plan that will prepare it to step into the future.
There are a few steps businesses must take to address the upcoming changes in payment processing. The first – and most important – is upgrading to EMV-enabled POS equipment. This will help you better secure cardholders’ private data and also better protect your businesses from being liable for any counterfeit fraudulent transactions that occur.
But you don’t want just any EMV-enabled point-of-service equipment – your business needs the best system possible. Something reliable, able to keep pace with lots of quick transactions and small, so it doesn’t take up valuable counter space. Most importantly, it needs to be able to process any sort of payment, especially as the shift to chip payment is taking place, and some of your customers will still be paying with old-fashioned magnetic strip cards.
We can help you determine which EMV-enabled POS system fits your unique needs. Don’t delay – reach out to us today and prepare your business for the coming liability changes on October 1, 2015.
I’ve been with Ignite/first data for 4 years now as my credit card processor. I couldn’t be happier. They have amazing rates. Their customer service team is top-notch and they’re very knowledgeable. I also have the mobile pay on my phone, and it’s been a very reliable source. I’m able to accept payments anywhere I go!
Frank C. – CEO, We Know Tickets