As of Oct. 1, every company in the U.S. is now expected to have credit card terminals that accept Europay, Mastercard and Visa cards, or EMV cards. If you haven't already, it's important that you upgrade your small business' terminals to the EMV version to protect your company from fraud liability. As you make the switch to the new machine, you may have a few questions about the process. Use these answers to guide you.
How are the new EMV terminals different?
EMV cards will quickly become the new standard in the U.S. They feature microchip processor technology that requires customers to enter their cards into a slot in the machine instead of sliding it along the reader as it's done with standard cards. It's predicted that within the next two years, the cards will be used nationwide and standard credit cards will be a thing of the past.
Why should I make the switch?
Now that Oct. 1 has come and gone, as a small business owner, you're now responsible for any EMV credit card fraud that occurs, so the sooner you switch the better. It's also important to consider that once your company upgrades to the new EMV machine, your customers will be less likely to become victims of credit card fraud, as the new chip improves the security of their transactions.
How should I prepare?
Make it known to your customers that they will no longer be sliding their credit cards during transactions and that they now have to slip them into the slot to complete their purchase. Once you've educated them and trained your staff on how the machines work, you should invest in your new terminals. These can cost between $250 and $300. However, once the investment is made, the transition process is quick and simple - plug in your new terminals and start making transactions!
What about my store's online transactions?
While your in-store purchases are more protected with EMV card terminals, online sales may be at an even greater risk than they were before, as thieves are thought to start targeting "card not present," or online, transactions more following the shift. Enhance your online store's security by asking for more card information before allowing purchases to be made.