The United States has fallen behind the rest of the world when it comes to securing your customer payment data, that all stops this October. Starting October 1, 2015 the global security standard to transact payments, EMV is being implemented. EMV, named for the three companies that created it—Europay, MasterCard and Visa—EMV is a tiny chip embedded in payment cards that is virtually impossible to counterfeit.
Before long the new “chip” or “EMV” cards, with smart technology, will improve data security and fade-out the old magnetic stripe standard. The “chip” means that the small microchip embedded in the new cards will maintain the cardholder’s information is secure. The chip can’t be counterfeited by criminals like magnetic stripe cards can, as it makes a one-time code for every individual transaction.
What Makes EMV More Secure?
The current magnetic stripe payment cards in circulation can be easily counterfeited by scammers and hackers if they get the cardholder data. This has happened to major retail brands in the US including Target and Home Depot. Now if that same data was stolen but the card data was for EMV chip cards and not the mag stripe cards then that data would be rendered useless. This security enhancement is a great asset to your customers and your business but you need to update your POS machines to take advantage.
Why is it imperative for you to protect your business from fraud?
Starting October 2015, if you have not upgraded to the EMV ready payment terminals, all credit card fraud liability will fall on you the business owner. This means 1 fraudulent charge by you or your staff can result in fines, and lawsuits.
In addition, being able to accept chip-cards is not just about avoiding liability it’s also about providing new payment options to customers that want it. Payment options such as Apple Pay, Android Pay, and other types of wireless communication that allows consumers to pay with their smart phones.
By making the switch to EMV technology you are setting your business apart by way of showing your customers that you care about the security of their personal information. Surveys have shown that consumers are less likely to shop at any establishment that has experienced data breach or are prone to it.
So how can you protect your customers and your business at the same time?
Contact a Batched merchant service coach and get educated on EMV technology. Batched will provide you with the best solution and equipment for your specific business. Batched even has FREE EMV equipment programs available to small businesses.
You will be provided with the education on how payment transactions will take place with EMV. In turn, you will be able to educate your employees and your employees will educate consumers and provide a pleasant and secure shopping experience for all your customers.
Now is the time for you to call Batched and get EMV ready. Protect your business. Protect your future. (877) 477-7115