EMV Technology: What It Can Do For Your Business
If you have anything to do with taking payments, you’ve probably heard quite a bit about EMV already. You might even have run into a ‘liability shift’ issue in the past. If you don’t quite understand what you’re dealing with, however, we’ve got the information for you.
What Is EMV?
Nowadays, technology is becoming less and less secure as hackers and fraudsters begin to understand it. In the past, we used to use a traditional credit card swiping technique to take payments. In recent years, it was decided that this could no longer continue. A national initiative took place to bring merchants up to date with EMV payments.
It isn’t actually that much different from what we used before. However, EMV cards require EMV chip-readers in order to process payments successfully. This means that retailers have to take action if they want to get involved with the new scheme.
What Is The ‘Liability Shift’?
The whole reason why this initiative has taken place is because of a lack of secure transactions. It aims to not only protect you as a business but protect customers, too. By continuing to use old systems, the argument is that we’re not taking enough care in our transactions. So, the liability shift exists to put the blame on you – the business – if you continue to use them. Legal and financial trouble can result if you’re not willing to upgrade.
How Do You Get EMV?
When the new rules came into play, it wasn’t quite as straightforward to get an EMV chip reader. Now, it’s much easier. Many companies that provide a credit card machine will include EMV capabilities as standard. You’ll also find add-ons in many cases, with options like tokenization and NFC payments.
Ultimately, EMV should exist to make your transactions quicker, easier and more secure. Yes – it’s going to cost your business money, which is the ultimate downside. However, the investment is becoming more and more necessary all the time, helping to prevent serious legal issues down the line.
What If Customers Aren’t Equipped With EMV-Ready Cards?
Over time, you’ll find that more people are now becoming equipped with EMV-ready cards. That wasn’t necessarily the case twelve months ago. You’ll still run into people who aren’t ready to make those ultra-secure transactions, though. Don’t worry! As long as you’ve incorporated that technology, you won’t be liable. They can still swipe their cards, but the burden lies elsewhere.
We’ll find that over the next few years, EMV becomes commonplace. In the period before that happens, it’s important to at least hold up your side of the bargain. It’s the only way of ensuring that you don’t get slapped with liability issues.
The Final Word
So, what can EMV technology do for your business? Basically; it protects it from suffering from liability issues. It has benefits and downsides, but it’s ultimately becoming a necessity. If you hadn’t heard of EMV until today, that’s fairly surprising. In five years time, however, everyone is going to know about it.