Last April, I wrote about getting ready for EMV cards. (EMV stands for Europay, Mastercard, Visa.) As a reminder, starting October 1, liability for fraud on customers’ cards shifts from the credit card companies to merchants who do not process in-person payments using chip technology.
Visa estimates that by the end of this year 63% of credit and debit cards will have EMV chips, and in three more years 98% of cards will have chips.
Are you ready to process the new cards?
Visa has prepared a Business Toolkit packed with valuable merchant information and resources to help you become chip ready. Did you know that there are many low and no cost ways for small merchants to upgrade to chip processors? For example, Square has offered free to the first 250,000 businesses. Square’s wireless reader enables any business with a tablet or smartphone to accept Apple Pay and contactless payments. If the giveaway has been met, then you can still pre-order a reader for $49; delivery is scheduled to start this fall.
Steps you should take now to get ready for chip processing, if you haven’t already done so, include:
- Learning about the technology. There are numerous resources available for educating yourself about EMV (including Visa’s toolkit); understanding how chip technology will work in your business isn’t rocket science.
- Implementing the technology. This includes getting the right equipment for in-person processing (you don’t need to do anything if all your sales are online).
- Educating staff. Explaining how the new processing works may take a little time (not much). Also expect for you and your staff to need to educate customers on how to insert their cards in your new readers (rather than swiping them). In a few months, most consumers will know the drill.
The use of chip technology will cut down on fraud. Other than new processing equipment, the new technology won’t necessitate any change in your business practices.