Restaurateurs, the time has arrived: the time to face the reality of EMV and all that comes with it. Many have been avoiding the inevitable, but as Europay, Mastercard and Visa (EMV) becomes more ubiquitous, you can no longer ignore the writing on the wall — it’s time to get chip reader capabilities into your restaurant. Here are three really good reasons why you need to be chip card capable.
One: EMV Limits Your Liability
There are a slew of rules, regulations and compliance standards that come with EMV certification to protect both the merchant and the consumer. According to regulations in effect since 2015, you, instead of the issuing bank, are liable for chargebacks and fraudulent charges if your business doesn’t have EMV-compliant technology. The chip-based technology makes it harder for fraudulent charges to be made at the point of sale, protecting your customer’s accounts –and your business.
Two: EMV is More Secure
Accepting chip cards will let your customers know you are serious about their card data’s safety. EMV is quickly becoming the new “normal” for card payments among U.S. consumers, so they may be concerned about the safety of their accounts if you can’t process chip card payments.
EMV payments are more secure because the chip provides a unique encryption for the card each time it’s processed. The old magnet strips store the account data, allowing thieves to skim the card information and use it to replicate a card with the same numbers.
Three: EMV is the Future
Soon, customers will start expecting the level of security as credit card issuers have pretty much replaced all magnetic strip cards with chip enabled cards to their holders. If you are still swiping cards, that is going to be a sure sign your technology is out of date.
Taking table side payments and having mobile payment options with EMV is now a thing. Focus POS California offers EMV chip card readers that will give you these capabilities without breaking the bank that you can easily integrate into your current system.
Don’t Delay in Becoming EMV Capable
It seems like a huge undertaking but the liability you assume and customer loyalty you could lose by not accepting EMV payments in your restaurant, whether you are a fast casual or table service establishment, could be costly. Upgrade to EMV-capable technology to accept chip card payments so that you can avoid liability for fraudulent charges, provide more secure payments for your customers and make sure your payments technology is up to date.