Credit card EMV technology is becoming very popular and something you should consider implementing in your business. Use these tips to do that and better protect your business and customers.
EMV chip technology is popping up everywhere and as a business, you may feel like you are being pushed to adopt it as well. There are many benefits to EMV chip technology for both the consumer and the business. If you are looking to find a way to adopt it while maintaining the security of your business, use these tips:
- Plan the timing of your adoption carefully. Before you implement anything, you need to make sure that you have the technology available to use in your business. If you do it too soon, then you may not get the full benefits of adoption. If you wait too late, you could run the risk of losing customers who want to use the chip or even cards that allow them to tap or wave them in front of the reader.
- Consider the add-ons. There is so much more to Credit Card EMV than having a chip reader. You can also get upgrades to your devices that include encryption, tokenization, and those contactless payments mentioned in the previous tip. By opting for these add-ons, you can create even more security as well as convenience.
- Educate your staff. To make the transition seamless, you should take time time to educate your staff on how to use the new devices and what to look for when customers are using it. Your employees should know the new process so they can better protect your business as well as your customers.
- Watch for credit card fraud. Credit card EMV is designed to help prevent fraud but that doesn’t mean that criminals will not start trying to use other methods. Look for potential fraud in payments made through the mail, over the phone, or even on the internet because EMV technology has not yet been adopted in these areas.
Why it is Good for Your Business to Adopt
The entire idea behind credit card EMV technology is that it will reduce the amount of fraud occurring. This protects the consumer against fraud but it also benefits the business. When you implement the new technology, you can protect your business from liability for counterfeit and even potentially lost or stolen fraud cases. The new technology increased security by adding card-present transactions. This means that the cardholder has to be the person using the card for payment and makes each transaction unique. This essentially eliminates a large majority of counterfeit card fraud because criminals can no longer intercept the data and use it to create a counterfeit card for later purchases.
The chip technology is replacing the magnetic strip technology that has been in place since the 1970’s and has already decreased fraud by 70 percent in stores. If you are interested in how you can better implement credit card EMV technology in Boston, be sure to contact Boston HelpDesk by (617) 848-9393 or email@example.com.