EMV Migration Raises Questions
It’s been almost two months since the liability shift for the EMV migration, and many merchants have yet to make the switch, while those who have are still figuring out how to adapt the new technology to their business.
Estimates say roughly one-third of merchants have made the switch to EMV-capable credit card machines and readers. The overall cost and compliance requirements have some merchants shying away from upgrading, and they’re rolling the dice by not getting the extra protection EMV offers.
Many small business owners don’t have a technology guru on staff to help with issues like the EMV migration, so PayAnywhere has put together a few things to think about as you move towards having your business become EMV compliant.
- Meet your needs. There are a number of different mobile and storefront options for small business owners to choose from when it comes to credit card processing machines, so find something that best fits your business’ needs. PayAnywhere has a new NFC reader, available now in Apple stores, that is EMV-capable. This means you can accept EMV payments once the software is ready and updated in the near future.
- Check and recheck. There are ways to limit your exposure to fraud before you become EMV compliant. Check to make sure the signature on the card matches the signature on the receipt. If you have a PIN Pad device, ask your customer if they’d like to run their card as a debit transaction. This will not only cut down on fees, but it will be safer because the PIN helps validate the customer. Whenever possible, always swipe the physical card. If you key in the card information you open yourself up to higher fees and the possibility of chargebacks.
- It can take time. A recent article on cio.com explains that the migration can take time to happen, and it is going to take years for the EMV migration to be complete. That doesn’t mean you should wait too long; you’re still liable for certain transactions.
When you do get an EMV-ready credit card reader at your business, please note there could be a learning curve for both the customer and the person running the transaction. Everyone will have to get comfortable having their card inserted into the terminal, and needs to understand that the EMV transaction could take several seconds longer than a swipe transaction because the terminal and the microprocessor chip communicate throughout the entire transaction. Make sure to tell your employees to remind your customers to take their cards out of the machine when they are leaving the checkout area because there is a good possibility they may forget them as they getting are accustomed to using their EMV cards.