- On January 17, 2019
EMV technology is changing the credit card industry. Your credit card machine needs to be able to handle this technology. Since most new cards these days have it, your business will suffer if you don’t adapt.
One of the main reasons it has become so important is due to security. Payment processing is much more dangerous these days without the necessary chip. As of July 2027, 85% of all the credit cards issued included a chip. Even for debit cards, 60% of them now have it.
The biggest reason to adopt this type of technology is for accountability. Protecting your business must be your top priority. Now that EMV chips are a driving force in the financial world, failure to accept them can cost you. Merchant services such as Visa and MasterCard will hold you accountable for credit card fraud resulting from not accepting this new technology.
Counterfeit fraud liability is now handled differently than it once was. Though credit card issuers previously had to carry this liability, chip-enabled cards have changed that. Don’t let this derail you from running a successful business. Adopting chip technology is crucial to future success.
Though acquiring a credit card machine that accepts chips can be costly, it is worth it in the long run. Your machines will have to be certified to accept the chips. Until they are, you can’t safely accept these cards.
There are many benefits to allowing chip cards to be used at your business. Aside from the fraud protection, it also increases your payment processing abilities. This is because it gives you the power to accept Apple pay and other similar services.
When you accept chip-enabled credit cards your customers no longer have to sign for their purchases. This is the preference of most customers these days. Not having to sign saves time during transactions. In addition to pleasing customers, it also increases the number of sales you can make in a typical business day.
In short, merchant services now strongly encourage businesses to accept chip-enabled cards. Failure to do so will cause you long term problems that can harm your business.