The EMV credit and debit cards (EMV, or Europay, MasterCard, and Visa) are already finding their way into the wallets of American consumers. This new card, meant to fight in-person fraudulent credit card transactions and data breaches that lead to identity theft, is fitted with a micro processing chip that uniquely encrypts each transaction. This is a huge improvement over the magnetic strip credit and debit cards that have been the norm for decades.
With revelations of massive data breaches, like the 2013 Target breach that left millions of consumers exposed, the American consumer is hungry for a card format that protects their funds and their identity. American businesses are also eager to shield their liability from future attacks that leave them exposed and destroy the trust they have built with their customers. While large retailers have early adopted the next gen card processing equipment to comply with the October 1, 2015 change over to EMV credit and debit card transactions, small to mid-sized business owners are a little more reticent.
According to many decision makers in smaller retail and restaurant outfits, the uncertainty over the cost and customer buy-in to the new technology is holding them back. But to be honest, cost concerns are most often reflected by those who have yet to even begin researching the new technology. Additionally, customer buy-in is compulsory as most every major financial institution has already begun distributing the new “chipped” cards to their members.
For those still on the fence, it is important to begin the research and transition phase now. The changeover, taking place on October 1, is only two months away. The costs associated with not providing a more secure credit or debit card terminal to your customer is far greater than the initial expense to make your business EMV compliant. This is because individual business owners will be on the hook for any fraudulent transactions that result from a swiped credit or debit card rather than the new EMV dipped transaction.
Thankfully, there are reputable credit and debit card processing companies that are, quite literally, standing by to make certain your company is EMV compliant by the October 1 deadline. Working with these companies will help you to secure the trust of your consumer by providing a card reader that protects them and you. Unfortunately, the closer we get to the October 1 deadline, the busier these companies will have become. Follow the largest retailer’s leads and transition your operation from the last gen swipe card readers to the EMV card readers today. You’ll save face with your customer and save money from not being liable for fraudulent purchases at your location.