If you run a small business, it is likely you have heard about a new credit card processing protocol referred to as EMV. EMV actually stands for Europay, MasterCard, and Visa, and is a more secure way for consumers to remit payment to retailers than the current swipe method. This is because the new EMV credit and debit cards are fitted with a micro processing chip that uniquely encrypts a card holder’s data each time they make a payment. The EMV credit and debit cards are also meant to protect the business owner and the bank from fraudulent purchases and possible data breaches.
While EMV has been the norm across much of the globe for upwards of 3 years, the US is making the changeover from swipe to dip card readers on October 1, 2015. This isn’t another example of US intransigence, (e.g. metric), but rather is reflective of the fact that the US has more credit and debit card consumers than every other region on Earth. As such, the seamless rollout of a new payment protocol required that we be slow and deliberate in educating consumers and business owners, alike.
Many small business owners have claimed they are uncertain of or uncomfortable with the new EMV credit card readers. From consumer buy-in to new equipment costs, many companies are choosing to take a wait-and-see approach. Unfortunately, the potential costs of non-compliance could hurt a business far worse in the long run. One important consideration every business owner should take in mind is that, after October 1, any fraudulent activity as a result of non-EMV equipment being used will fall on the business and not the bank. Additionally, as customers become more familiar with the technology, they will likely feel less secure using retailers who still employ the older swipe card readers. This is because they will know they are more susceptible to identity theft and other fraudulent activity as a result of using those machines.
As more and more small businesses become aware of the change that is just two months away, the push to change equipment over to become EMV compliant will likely drive card processing solution companies into a backlog situation. Thankfully, acting today with a reputable credit and debit card processing and equipment company can save you a headache the closer we come to the October deadline. Several EMV credit card processing solutions already exist and can be deployed with little to no downtime for your company.
Like it or not, October 1 is coming and coming quickly. Your business, your customers, and your bank are relying on you to provide the most up-to-date credit card processing solution for EMV credit and debit card transactions. Take just a little time to explore your many cost-effective options. The trust you engender with your customers will pay dividends over time.