EMV Terminals

Customer Facing EMV Terminals

What you need to know about the transition to EMV…

What is EMV?

• A new, more secure standard for debit and credit cards that features a chip on payment cards and requires new machines that can read it
• It makes it harder to duplicate a payment card
• Businesses that don’t convert face multiple risks

Why the change?

• U.S. makes up 24% of global credit card sales and 50% of fraud
• U.S. tops global card fraud over the last 5 years

How will it work?

• The microchip stores the cardholder’s data and transmits a unique code at every transaction, making duplication extremely difficult

Who does it affect?

• Any business that accepts a payment card in person
• Doesn’t affect over-the-phone or internet sales

When is it happening?

• Banks have already begun issuing EMV cards
• Beginning Oct. 1, 2015, fraud liability shifted to either the merchant or financial institution

Risks via non-compliance

• Liability for the cost of any fraudulent transaction
• Increased transaction rates
• Loss of consumer trust

Benefits of EMV

• Better security
• Decreased risk of fraud and the cost associated with it
• Incentive packages for early adopters via card issuers
• Increased consumer trust
• Leveraging latest technology like contactless payments (i.e. ApplePay)

How do you minimize your risk?

• Purchase, set up and begin using a new EMV payment terminal
• Train employees on new method of payment acceptance
• EnsurePCI compliance through data security

What information do you need to gather?

• What payment terminal are you currently using?
• How does it interface? (i.e. Ethernet, USB)
• Who is your payment processor?
• Do you process debit transactions?
• What is the name and version of your POS software?

What other desirables does your current POS lack?

• Something more up to date? Tablet-based?
• Inventory capabilities
• Employee time-clock management
• Customer loyalty

What other challenges is your business facing?

• MobilePOSneeds
• Meeting PCI requirements
• Accepting payments via smartphone (ApplePay, SamsungPay,etc.)

Other considerations relating to EMV:

• PCI compliance
• Wireless assessment
• Old terminal disposition