Are you ready for EMV?
EMV has been a buzz word for years now (actually acronym meaning Europay, Mastercard and Visa). After missing the deadline for implementation last year this year looks different because its finally going to happen.
October 1st, and this time it’s for real. Not a fire drill folks, nor a false alarm like so many times before. The shift is going to take place and if you don’t have a plan or have been given bad advice to formulate your plan then it’s going to cost you real money.
If you are not EMV compliant on Oct 1st and you take a fraudulent transaction you will pay the bank fees and fines in addition to the amount of the transaction. That is the new “liability shift”
To put it simply EMV simply means that instead of using a magnetic strip we are currently using to swipe and transmit card data into our credit card readers. A chip is going to replace that magnetic strip (although it looks like both are going to be introduced on the same card at first). The card will be inserted into a chip and pin card reader and much like a debit card a pin will be entered by the card holder. For the transaction to be compliant the chip and pin must be used.
A pretty simple transition, but if you don’t speak to the right folks in our business it can cost you more than you need to spend to become compliant. In fact there are only a few stand alone terminals in the marketplace currently that can handle the new technology. Unfortunately some in our industry have used this as an opportunity to sell new hardware that will NOT be EMV capable when the time comes. More on that later…
Simple, banks are introducing what is called a liability shift. Meaning that the fees banks have been absorbing from fraudulent transactions (the cost of printing new cards, costs of dealing with fraudulent claims etc.) are going to get past on to you the owner when you take an EMV card without using the chip and pin system. Get compliant and these concerns vanish as well as the satisfaction of sticking it to the bank.
We, at Axiom Payment Solutions are not going to make you buy a new stand alone terminal to upgrade to EMV. We will provide one for free, meaning no cost to you. This terminal also allows you to use NFC technology (ie Apple Pay and any other mobile wallet). Use this terminal while you process with us and when it is time to flip the switch to EMV simply use that terminal which can accept the new cards or if you prefer to not have to turn your terminal around you can purchase a pin pad for $200 which will enable your customer to insert their card, enter their pin and accept the transaction. The card will never enter your hands and you will be compliant!
There are currently only 3 terminals that are offered which are absolutely EMV capable. They are the Verifone VX 520 (the one we are offering for free), the Ingenico iCT220, and the Pax S80. If you do not have one of these three terminals then most likely you are going to need to upgrade your terminal.
For restaurants or retail businesses who need more than a stand alone terminal we offer one of the best tablet based POS systems in the country. Our card readers are also EMV capable.
For restaurants in particular the EMV shift provides more of a challenge than any other industry as your customer sits at a table. You are going to need new hardware in order to accept the new chip and pin card at the table.
With our tablet based system the customer can keep the card in their hands to insert and enter their pin. You can also take their orders table side reducing table times dramatically. Keeping your customers engaged and coming back for more.
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Axiom Payment Solutions strives to deliver the facts on all subjects in our industry that are not biased or opinions. We are independent and choose to work with the best companies in the industry to supply the best products. We are choosing Verifone as they have been the industry leader for card acceptance for decades.
For more info please don’t hesitate to contact us!