3 Ways Your Business Benefits From Having EMV®-Compliant POS Systems
EMV® is quickly becoming the standard for credit and debit card payments not just in the U.S., but also the world. Consequently, many businesses are currently in the process of upgrading their POS terminals to be EMV®-compliant. Read on to find out some of the major benefits that installing EMV®-compliant POS systems can have for your business.
- Avoid Credit Card Fraud Liabilities
Since October 2015, many credit and debit card providers have implemented “liability shifts” that could directly affect your business.
Previously, fraudulent charges were the responsibility of the cardholder, but now businesses that process fraudulent cards containing copied data from an EMV® card will be responsible if they do not have EMV®-compliant POS terminals.
Upgrading to EMV®-compliant terminals is the best way to protect your customers and your business from credit card fraud! During this transition to EMV® cards and EMV®-compliant POS terminals, there may be an increase in credit card fraud, as fraudsters scramble to take advantage of old payment systems before EMV® technologies become more prevalent, making fraud a more difficult task. Consider upgrading your POS terminals to be EMV®-compliant today! You and your customers will be happy you did!
- More Secure Transactions
Credit and debit card providers have been transitioning to EMV® chip-enabled cards for one big reason: increased security.
Instead of storing information on a magnetic strip, EMV® cards store information in a chip that actually functions as a micro-processer (kind of like a little computer), which allows sensitive banking information to be encrypted, making it much more difficult for fraudsters to intercept and duplicate the data.
This feature of EMV® cards benefits the customer, as well as you, the business owner. Installing EMV®-compliant POS systems will allow you and your customers to conduct more secure transactions, reducing the risk (and the headache) of having to deal with fraudulent charges.
Reduced Transaction Times with EMV® Contactless and Mobile Wallet Options
In your business, you’ve probably noticed that your customers value an efficient and speedy checkout at the POS terminal. And why wouldn’t they? It’s a big part of what makes their experience with your business a pleasant one and greatly increases the chances that they’ll do business with you again.
One way to ensure that you keep things running smoothly for your customers at your POS terminals is to offer quick and efficient methods of payment. As more of your customers transition to EMV® chip-enabled cards, you’ll notice an increase in customers looking to pay with contactless and mobile wallet methods, which are payment options offered through new EMV® technology.
To learn more about EMV® and how to get a FREE EMV®-compliant POS terminal for your business, visit Swypit.com today!