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A Change in Payments

EMV Terminals

EMV Terminals

Customer Facing 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