Get Ready for the EMV Deadline!
There’s been much discussion surrounding the Payment Networks’ Liability Shift associated with Europay, MasterCard and Visa, also known as EMV. Already a common technology across the world, EMV will become the new payment standard in the United States by October.
If you’re a merchant, there are a few things you need to know about becoming EMV compliant. First, merchants will be required to update their point-of-sale systems to accept smart cards with chip technology. Businesses that use non-EMV compliant terminals will assume liability for any fraudulent transactions that occur with smart cards. This has the potential to be detrimental to a business’s finances and is a key reason to adopt the new payment standard.
Here are four tips for small-business owners and merchants who are considering or making the switch to EMV payment terminals:
1. Investigate your technology options.
When making a technology investment for your business, it’s critical to research and explore the different options. It’s worth your while to do the same when looking for new EMV-compatible payment terminals. Merchants should choose the most appropriate technology that meets their unique business needs and customer payment preferences.
2. Seek EMV training.
To make the adoption a success, business owners should commit to training staff on the new features and functions of the EMV equipment. According to the federal government, Massachusetts will employ more than 1 million small-business workers as of 2021. That’s a great deal of workers who could benefit from learning the ins and outs of the new transaction process.
Be sure to ask your merchant services or financial institution if it offers EMV training and take advantage of their expertise. A training session can ensure that transactions will happen quickly and smoothly.
3. Invest the time.
While the switch will indeed require a time commitment and up-front investment, adopting an EMV-compatible payment terminal is a smart business strategy. Not only is it a more secure transaction for consumers, but it decreases the burden on business owners in the event of a data breach.
4. Create a better customer experience.
Keep in mind that consumers may be faced with different payment terminals when they visit local merchants. Create a better customer experience by practicing patience during the EMV transition. Consider it as another touchpoint and way to build trust with your customer by offering guidance through the new payment process.
EMV provides peace of mind for consumers because it’s a more secure payment process. Merchants with EMV terminals will require customers to insert the smart card, write their signature or enter a PIN, and not remove the card until the transaction is complete. The EMV payment process is a more secure transaction for consumers, and a smart strategy for businesses.
If you do not have a new smart card terminal, contact your Merchant Services representative or company. They can provide you with information on obtaining a new machine and should offer it to you at no or little cost and provide you with training.