EMV: What it is and Why it Matters
If your business hasn’t switched to EMV chip cards from swipe and sign payments, it could be costing you money.
Although the EMV liability shift went into effect in October of 2015, nearly one-third of all businesses still haven’t adopted this change. Has your business switched? Although there might be many reasons for staying with the swipe, the risk might be too great not to switch.
TOP FOUR REASONS TO UPGRADE:
- Reduce Fraud: One of the common consequences of processing non-EMV payments is the chance for fraud, including chargebacks, to occur. In total, fraud costs the average merchant 1.47% of total revenue. Implementing EMV protects your business against fraud as it’s virtually impossible to recreate the chip. However, if your equipment isn’t EMV-compatible, fraudulent cards can go undetected. According to Visa, card-present counterfeit fraud dollars was down 82% in June of 2018 for those who had upgraded to EMV. Although it isn’t required by law, your liability in credit card fraud is far higher if you don’t have the proper terminals in place.
- Increase Customer Satisfaction: Customers have adapted to inserting or scanning cards instead of swiping, and the added sense of security provides peace of mind - which is more important now than ever before. Protect yourself and your customers through the implementation of EMV technology.
- The Cost of Liability: Your business could become a target of savvy fraudsters seeking out businesses that haven’t adopted EMV. If someone presents a stolen chip card to buy a $500 gift card or a batch of your products and your staff swipes the card through a terminal that doesn’t support EMV, you’re responsible for the purchase. You are also liable if you swipe or key in a chip card at the terminal, so ask for another form of payment if the card isn’t working.
- Increased Security: Adopting EMV gives you another layer of protection by decreasing your chance of a data breach. If a hacker breaks into a business’s EMV-enabled system, they can only obtain an encrypted version of the data – which is completely useless to fraudsters. Every year, businesses make national headlines for having data breaches that expose their cardholders to fraud. That’s enough to scare anyone into wanting a more secure checkout!
Don’t procrastinate or blow off EMV adoption as an added expense - it’s a crucial step in ensuring your business and your customers are protected!