Don’t leave your customers vulnerable to fraud! 70% of consumers now have chip-enabled cards, but only 22-37% of retailers are EMV-enabled¹. The process of becoming EMV-compliant can be confusing. There are several steps involved and many merchants aren’t aware of what EMV even means.
Europay, Mastercard and Visa (EMV) are the three card companies who originally invented the new chip technology. Europe has been using this method for years, but the United States only recently adopted it. Since the U.S. accounts for half of the world’s fraudulent card transactions and fraud rates have doubled in recent years, the U.S. decided to adopt EMV as the new payment standard².
Chip cards are more secure because their small, embedded computer chip uses encrypted language to process transactions. This is much safer than magnetic swipe cards, which openly communicate the consumer’s account information during a sale.
Upgrading to EMV has many benefits for your business. Besides protecting you and your customers’ data, you can:
- Waive an annual merchant PCI-DSS audit if 75% of transactions are processed with EMV certified devices
- Avoid unnecessary chargebacks
- Stay ahead of your competition by also accepting NFC-contactless payments
To upgrade, first ensure that your hardware supports chip cards. Speak to your provider to confirm that is has updated software and has been properly tested and approved for EMV. If your terminal does not support chip cards, you’ll have to talk to your payment provider to get the latest terminal model.
Once your payment device is set up, make sure your Point of Sale (POS) supports chip payments and that you’re getting a good payment processing rate. Upgrading your Point of Sale to a processor-agnostic model is key when comparing rates and choosing the right provider. You can save up to $100/month by switching processors, so contact your POS vendor to compare processing fees.
Still have EMV questions? Watch a recording of Revel Systems and Discover Networks’ webinar, “EMV - What You Need to Know.” Experts from both companies cover best practices for EMV implementation, pre-authorizations, new terminal testing and approvals, and offer additional resources on payment technology. Access the EMV webinar recording here.
1CreditCards.com
2The Nilson Report
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