Over the past year, we have all evolved to a more secure way of payment processing through the mandatory chip cards, known as EMV Chip Card adoption. Customer’s bank and ATM cards now have EMV chips which may have been a pain at first, but now we all realize the importance of having a chip card to protect your customer’s sensitive data, even if it takes an extra 15 seconds to process payment.
When the announcement came out about the mandatory transition to EMV you may have hesitated or refused to fully transition over to using the new EMV chip terminals for your business. If you are a smaller or local business, university, or school, it may seem like a burden to switch out your processor terminal if you do not fully understand the benefits and risks of making the switch. Continue reading to understand more about EMV Chip Adoption! Send us an email at the end of this article and talk with a dedicated Arrow Payments expert to get started on securing your data. #EncryptEverything
Benefits Associated with EMV Chip Terminals
The first obvious reason for utilizing EMV Chip terminals is security. The
stripe card has become pretty outdated from its original implementation in the 60’s, so it was time for an upgrade that would address a huge concern with credit cards, fraud! Chip cards are nearly impossible to clone or duplicate, which is great for your consumers.
In adapting the chip technology, the way your customer’s data is processed after the card is swiped or “dipped” also improved. While stripe cards would share cardholder information directly with the payment terminal, chip cards communicate with the payment terminal through layers of encryption which means that your customer’s sensitive data is safe from hackers and is rendered unusable if a data breach were to occur.
Why not make the switch to EMV?
Businesses and institutions may choose to avoid making the switch to EMV chip terminals because of the inconvenience of change, the slow speed of processing payment, or even the potential cost of having to upgrade your POS system – but if a breach or fraud were to occur, the costs would be more than an inconvenience.
Still not convinced to switch to EMV?
Some payments processing companies are beginning to charge their merchants a monthly “EMV Non-Acceptance Fee” of $299 as an incentive to make the switch. In addition, many banks have recently stopped reimbursing merchants and accepting chargebacks for fraud charges. In October of 2015, there was a liability shift that changed who was responsible for paying chargebacks from the card issuer to the merchant.
Carolyn Balfany, a safety and security expert at Mastercard said, “The liability shift protects the entity who offers the greater level of security by holding the other entity with less secure systems responsible for fraud”. So if you are not operating at the greatest level of security (EMV chip terminals), you may have to pay.
Arrow Payments and EMV Chip Terminals
Besides the numerous reasons to make the switch to an EMV Chip Terminal outline above, the most important reason of all might be that you’re business should be as secure as possible, especially with the drastic increase in data and cyber attacks recently.
While implementing an EMV Chip Terminal is definitely the way to go for the security and reputation of your business and your customers, there is one other step you should take. Partnering with a trusted expert in payment processing, P2Pe encryption, and PCI Compliance can ensure the security of your data. Arrow Payments is focused on delivering payment processing solutions to secure sensitive client data. Adding EMV Chip security and P2PE protection to your business will save time and money by reducing security complexity, PCI compliance scope and the potential of a data breach.
Learn how Arrow payments can connect you with the right EMV chip terminal for your business by sending us an email today at [email protected]