Uncategorized

Why EMV Upgrades are a Must-Have on Self-Serve Kiosks

It’s been many years since EMV compliance went into effect, but there are still some businesses that have yet to comply. If you operate self-serve kiosks, then it’s your responsibility to ensure that your equipment is EMV-enabled.

Let’s look at a few reasons why EMV upgrades are necessary and how you can get started.

What is EMV?

EMV stands for Europay, Mastercard, and Visa and is a global payment standard adopted by the major credit card companies.

EMV isn’t a law, but rather, it’s a set of standards aimed at making payments more secure. In order to incentivize businesses to adopt EMV standards, the credit card companies are changing the fraud liability for companies with EMV.

Prior to EMV technology, when a credit card was stolen or counterfeited, the financial institution took responsibility for the fraudulent transaction. But now, that liability has shifted to the party that isn’t in compliance.

So, if one of your customers is a victim of credit card fraud and you haven’t upgraded your equipment to EMV technology, your business will be held liable.

Understanding the Importance of EMV

Switching to an EMV upgrade may seem inconvenient, but it’s actually in your best interest. Upgrading your equipment to EMV will ensure that transactions are more secure, which cuts down on the likelihood of fraud.

Here are three reasons why EMV upgrades are essential for kiosk owners:

1. Secure transactions

EMV payments rely on an embedded microprocessor chip instead of the magnetic strip. Cards with magnetic strips have been proven to be less secure since the information can easily be stolen and replicated. In comparison, EMV payments are much more secure because the information is encrypted.

2. Fraud prevention

EMV cards have been proven to cut down on fraud. The chip is nearly impossible to tamper with, which makes these cards difficult to clone. According to information from Visa, counterfeit fraud decreased by 76% in the U.S. since adopting EMV technology.

3. Advanced security features

EMV works so well because of the advanced security features it offers. It uses a unique authentication process every time that is never reused. This means the data can’t be copied and used on other credit card transactions.

How to Get Started

For many business owners, the process of switching to EMV-enabled POS systems and kiosks has taken longer than expected. This is partly due to the inevitable costs that come with upgrading your hardware and software. Not to mention, once your equipment is upgraded, merchants have to undergo an EMV certification process.

However, EMV technology is the new global standard for payment processing, and it isn’t going away anytime soon. So, if you haven’t upgraded your equipment, you should begin this process immediately.

The best place to start is by working with a provider that offers EMV-certified terminals. The right provider will be able to walk you through the process of making this transition and help you prepare for this significant liability shift.

To your success!

Written by Brian Johnson