Don’t let exposed data put your customers and your reputation at risk.
Accepting credit cards is more than just a courtesy that your small business offers its customers. In today’s marketplace, it’s a requirement. Today’s consumers expect to be able to pay with cards whenever they make a purchase. Unfortunately, fraudsters have caught onto this and every two seconds a U.S. consumer becomes a victim of credit card fraud.
The U.S. accounts for only about 25% of global credit card transaction volume, however it takes on nearly 50% of the world’s credit card fraud! Thankfully EMV chip technology can help reduce fraud and increase card data security.
Why is the US so vulnerable? “The U.S. is the last bastion of the [magnetic] stripe,” says Mike English of Heartland Payment Systems. “Every other country and every other continent, with the exception of Antarctica, has moved over to EMV.”
Thankfully the US has finally made the switch allowing EMV Chip cards and chip-activated terminals to work together to protect in-store payments. With EMV transaction a unique one-time code is generated behind-the-scenes —a feature that is virtually impossible to replicate in counterfeit cards.
If that got your attention, and you’re looking to properly help your business start accepting EMV payments, look no further. Here are the steps to successfully reduce fraud and increase card data security for your customers.
Audit Your Hardware
If your current gear isn’t up to snuff, there’s no need to panic. Our tablet-POS experts can help you find a solution that works for your business. We will help you get a device capable of processing transactions using either Chip-and-Signature or Chip-and-PIN authorization.
Is your software EMV-ready?
If you have an EMV capable terminal a quick software update can enable EMV card acceptance. If you don’t our tablet-POS experts can ensure that your new EMV devices are compatible with your current or future point-of-sale software.
Train employees to use new EMV-ready technology
Once your equipment is certified or your EMV-ready technology has arrived, you will need to train your employees on how to properly use EMV devices. There is a learning curve that both customers and merchants need to get comfortable with.
While the process of migrating to EMV transactions may seem tedious, it will most definitely be worth your time.