In an effort to provide increased security for customers, new credit card technology called EMV has been developed. EMV stands for Europay, MasterCard and Visa and refers to the creation of something called chip and pin or smart cards. Instead of a magnetic stripe, EMV cards store sensitive data on a computer chip embedded inside the card itself. Merchants are required to be able to accept these cards beginning in October, 2015,
Switching to EMV technology will result in more than the use of new cards and a change in the way customer’s sensitive data is stored and accessed. Once in place, this new standard of payment also mandates a shift in liability from the credit card issuer to the merchant. This means that any fraudulent charges must be addressed and absorbed by the merchant, not the credit card company. Fortunately, the new cards are nearly impossible to physically duplicate if stolen, and each purchase transaction is completely unique, preventing hackers from stealing and re-using the data.
Merchant Bancard Network, you premier credit card payment processor, is encouraging all of our merchants to move to the new EMV system as soon as possible. The initial investment required to upgrade your POS system to accommodate these cards is far outweighed by the potential benefits.
Does is spell trouble for your business?
In addition to increased security, the new large and small business POS systems include greater storage capacity, more information gathering abilities, and faster transaction processing. For example, when a customer checks out at the register of a retail business, the new EMV-capable POS system can instantly record the purchase in the company’s financial accounts and inventory tracking system.
Another useful feature of the new computer chip-based payment method is that merchants with more than one location, such as a chain of pizza shops, will have the ability to combine all information from the various stores on a real-time basis. Rather than having to consolidate accounts from different locations once a day, week or month, information from every purchase, regardless of location, would be instantly recorded to a single source.
As your merchant services provider, it’s the goal of all MBN account agents to help their merchant streamline their business. Ask about the POS system that will best do that for you.
Updating your POS system for 2015
The EMV acronym stands for more than the computer chip cards customers will be carrying by October, 2015. It refers to a new and highly effective way of processing payment data. Why wait to make the POS updates when you stand to gain better security from hackers as well as the ability to track everything from employee performance to inventory levels instantly with every purchase?
Speak with your MBN representative about how you can begin using the EMV updating service to increase your company’s efficiency today.