Fraud is a growing concern for consumers and businesses alike. Every day, hackers find new ways to access sensitive customer information. According to the FTC, fraud increased by 38% from 2017 to 2018.
While fraud will always be a problem to some extent, there are ways you can dramatically cut down on your business’ risk. And one of the best ways to do this is by upgrading your POS system to an EMV-certified terminal.
4 Reasons Businesses Should Upgrade to EMV
Fraud will continue to be a problem for businesses as consumers continue to embrace cashless payments. Listed below are four reasons your business needs to upgrade to EMV chip technology.
1. EMV cuts down on fraud
If you’re looking for ways to cut down on fraud, EMV is one of the best ways to do it. According to Visa, merchants that upgraded to chip technology saw their payment fraud drop by 76%.
This drop happened because EMV cards create a unique sequence of information for every transaction. As a result, it is much harder to steal information from chip cards than cards that only have a magnetic strip.
2. Upgrading to EMV protects your business’ reputation
If one of your customers is the victim of fraud, this has obvious financial repercussions. But many business owners don’t consider the damage fraud does to your company’s reputation.
If your customers have their personal information stolen at your business, they won’t be held responsible for those charges. And it makes your company look bad that you didn’t prioritize keeping their information safe.
3. EMV cuts down on your liability
As of Oct. 1, 2015, businesses that aren’t EMV compliant are held liable for any fraud that happens. So, if a customer is a victim of fraud at your business, then your business will be held responsible for the resulting damage and expenses. When you look at it this way, you can’t afford not to upgrade to EMV.
4. Provide a safer customer experience
And finally, the only reason you’re in business is because of the customers you serve. Don’t you want to provide a safer payment experience for them? Chip technology won’t entirely eliminate your customers’ risk of fraud, but it will keep them more secure.
And most customers have had favorable experiences using EMV technology. One survey found that 73% of U.S. consumers reported having a positive experience using chip-enabled cards.
How to Make the Switch to EMV
If your business accepts credit and debit card payments, then you need to upgrade to EMV technology. Having EMV-enabled systems will protect your business from fraud, liability, and provide a better customer experience.
However, you want to make sure you choose equipment that will provide your business with the flexibility and functionality it needs. Depending on the merchant account you have and the service provider you use to process your transactions, there may be equipment and setup fees associated with switching to EMV technology. Make sure that you work with your payment processor and POS vendor to ensure you are getting the right technology that suits your needs.
Feel free to contact us to learn more about how you can upgrade to EMV terminals.
To your success!
Written by, Brian Johnson