By now you have undoubtedly heard about EMV or “chip” cards. But is your business accepting them? In today’s blog we take a look at just a few of the many reasons merchants should be switching to EMV-enabled credit card processing equipment as soon as possible.
Enhanced Security – By accepting EMV cards, you help protect your customers from fraud. That’s because EMV cards utilize a microprocessor chip that creates a unique encrypted code for every transaction. Those chips make it significantly more difficult for criminals to steal credit card information and create counterfeit cards.
Chargeback Avoidance – Back in October of 2015, the liability for most chargebacks due to fraudulent transactions shifted from payment processors to the person in the transaction process with the most antiquated technology. This means that if you make a sale on a credit card terminal that isn’t EMV-enabled and that sale becomes a chargeback, you could be on the hook for the full amount of that transaction.
Your Customers Will Expect It – While EMV cards are relatively new in the United States, American consumers are quickly coming to embrace them due to the enhanced security they offer. If you aren’t accepting EMV cards at your business, safety concerns may prompt those consumers to think twice about purchasing from you. Don’t lose out on sales today by delaying an inevitable switch to the technology of tomorrow. EMV cards aren’t going anywhere.
You Can Upgrade Your Equipment for FREE – While migrating to EMV-enabled equipment may seem overwhelming, the reality is that some merchant services providers, like North American Bancard, can often upgrade you to the latest EMV-enabled processing equipment for free.