Five Important Tips for Retailers Switching to EMV
Finally the deadline to switch to EMV is approaching and all the retailers who still are stuck with the old platform should now keep the shift at first place in their priority list.
The banks are even issuing their customers with chip based debit and credit cards and the customers of course expect retailers to provide EMV terminals to safeguard their transactions. The following blog post consists of tips for the retailers who are still thinking of making the move.
The fraud rates have seen an upsurge in the United States in the last few years. Looking at previous year’s data, it can be clearly seen that the fraud rates in U.S. are highest among other countries of the world. And this year again they have just accelerated.
Europe has already been using the EMV technology and has definitely witnessed much lesser fraud cases. So, United States has also set Oct, 2015 as the deadline for the retailers for moving to EMV terminals to curb the in-store fraud rates.
There are hardly two months before the liability shift date arrives. Following are few points for retailers who are making the change to EMV to get the perfect business solutions.
If you process credit card payments with POS software then check with your POS vendor if it needs to be updated. Ask if the existing POS terminals can process EMV cards or you need to get new software for it.
If you need different software or an updated version of it, then make sure you can avail it before the deadline. Else, check for alternatives.
Even if you have a separate way to process payments then also check with your payment processor and inquire if the same would continue to work with EMV cards or you need an updated version.
In case your payment processor is not ready to provide you with required options till the deadline then its time you should start shopping for alternatives.
You may also encounter customers who are really technology updated. For example the ones who wish to make payments with Apple pay. In this case you need to check with your processor if they have the equipment to accept customers who can pay securely through their phones.
If you are planning to update then go for all necessary hardware changes that will make things easy for your customers.
This tip is important for the ones who are still looking ways to run away from the change. You would probably end up losing your existing customers if you are stuck to this obsolete platform. This is the right opportunity for you to create a more secure business environment. If your software vendor is not providing you with the right hardware update then just look for other ideal options.
Search for a good deal before you finally make a change. Most systems are offering the latest in cloud/mobile technology with no hardware updating.