The October deadline for EMV compliance is coming up fast and businesses across the U.S. will face worse liabilities for credit card fraud if their systems aren’t up to date soon.
Not sure what EMV is all about? Read about it here…
When Europe adopted the Chip and Pin payment technology, the region saw an 80 percent reduction in credit card fraud within the first few years; within the same timeframe, the U.S. experienced a 47 percent increase, according to a 2013 Discover Financial Services report.
With so many high level breaches occurring at retailers across the U.S., consumers would benefit from the increased security EMV can offer. But even after several years of urging by the federal government and the threat of financial penalties from the major credit card networks, many U.S. businesses are still behind the curve on their system upgrade.
If you’re still working to get ready for this shift, don’t wait. Below are 3 important steps that will get you started towards EMV compliance—and you’d better start now.
- Review and reconsider your payments technology. The modern age has a million new and amazing technology gadgets that you can use for taking payments. You have to upgrade your credit card reader to be EMV compliant (and maybe your Point of Sale software too), but take a moment to consider how you can upgrade other components of your payment processing system in order to maximize convenience for your customers. You might be able to turn this into a positive renovation for your whole business—and maybe gain new business in the process.
- Communicate with all parties involved in your payment processing. You will need to coordinate your EMV upgrade efforts with your merchant service provider to get started. Most likely, they will have some ideas and options for you regarding your upgrade and compliance requirements. If they don’t, you may want to consider getting a new service provider – because they are waaay behind. It’s past time for all credit card processing organizations to be well on their way to compliance with this requirement or they risk losing money for both themselves and you.
- Think SECURE. While all the shiny new bits of technology out there may be very, very attractive at first, take a moment to research security measures that will give your business that extra layer of security. Whether you’re small or large, offer retail products or services, you could still be targeted by a hacker or forger looking to get something for nothing. There are firewalls, encryption programs, and other tools specific to security that could be part of your technological renovation that is required for EMV. Take the time to get ahead of the game now and your customers will thank you for it.
The switch to EMV is practically a done deal. If you’re business hasn’t clued into this fact, it’s time to get going now so you can avoid liabilities and provide your customers with a more secure way to do business.
About the Author – Ashley Choate is a native of Jacksonville, FL where she lives with her son, dog, and three cats. She graduated Magna Cum Laude from Jacksonville University with a BA in English and holds an MAED in Adult Education and Training. She lives for reading and writing, learning and teaching, and figuring out the day-to-day traumas and joys of mommyhood. .
Top Photo Courtesy of GotCredit @ Flickr CC.