Upgrade to EMV

October 8, 2018

Europay, Mastercard, and Visa (EMV) chip card technology isn’t just a fad: it’s the future. More than 60% of credit cards issued in the United States today are EMV-enabled and old ATM cards are even being discontinued in favor of more secure chip technology. EMV-enabled debit and credit cards have computer chips that offer far better security than magnetic stripes because they generate a one-time code for every transaction.
Upgrading your technology to become EMV-enabled does represent an investment in your business but it comes with advantages. If you haven’t upgraded to an EMV credit card machine yet, here’s why it’s time to make the switch.Accept New Payment Methods
Upgrading to a POS that accepts chip cards doesn’t just allow you to accept chip-enabled cards; upgrading your terminal can also allow you to accept contactless and mobile payment options like Apple Pay and Android Pay which are rapidly gaining in popularity among consumers.Enhance Customer Experience
Your customers want to be able to use their preferred payment method. They are also concerned about payment security with data breaches always making the news. Upgrading your payment processing technology to accept chip cards gives your customers peace of mind and the convenience of choosing how they want to pay. That’s because EMV-enabled technology accepts chip-and-signature and chip-and-pin cards as well as other transactions like NFC payments.

Protect Your Customers
With an outdated magnetic stripe card, information can be duplicated easily and personal information can be stolen. A chip card reader creates a one-time code with every transaction to make it nearly impossible to make counterfeit cards for use in store. Consumers recognize that chip technology improves security and helps safeguard their personal information.

Reduce Your Fraud-Related Liability
The liability shift in 2015 was designed to encourage merchants to adopt chip technology by shifting liability for fraudulent transactions to merchants. If you do not upgrade to accept chip cards, you are leaving yourself vulnerable to higher rates of credit card fraud. Chip technology has been proven effective at reducing credit card fraud around the world. As the EU completed its migration to chip acceptance, the region experienced a 60% reduction in credit card fraud. Between 2015 and 2017 in the United States, counterfeit fraud was reduced 66% thanks to chip technology.

If you are ready to make the upgrade to a chip card reader, you have many options. You can choose to upgrade to a new chip card terminal with your current merchant services provider or you can switch to a new merchant account provider that offers the security features you are looking for. Host Merchant Services takes pride in serving merchants with Interchange Plus pricing, no hidden fees, and cutting-edge POS systems and credit card machines designed to help you maximize profits, reduce liability, and make managing your business as easy as possible.

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Categories: Chip Cards, Credit Cards, EMV

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