Straighten the learning curve when you integrate a new EMV terminal
The EMV liability shift is under way. If your business accepts on-site credit card payments—but hasn’t implemented an EMV-compatible credit card terminal—you could be responsible for bearing the cost of a stolen credit card or fraudulent account information being used to make a purchase at your business.
Whether you have started to use an EMV-compatible terminal or are planning to upgrade in the near future, there are several considerations for making the transition as seamless as possible for both your employees and your customers.
“Merchants are really interested in eliminating friction when accepting payments,” said Norm Merritt, president and CEO of ShopKeep, a cloud-based point-of-sale service provider. “They want to continue to make it as easy as possible for customers to make a transaction.”
Here are five things you and your employees need to know to make the implementation of an EMV chip card reader as simple as possible:
1. Not all customers will have a chip card.
About a third of customers don’t have credit cards with EMV chips, so for a large percentage of consumers, buying will be business as usual. Most EMV-compatible terminals have the ability to process payments using the traditional magnetic strips as well as the chips.
2. EMV terminals will guide customers through the transaction.
If a customer does have a chip card, he or she may instinctively swipe it in the terminal. If and when that happens, the terminal display will alert the customer and employee that the chip needs to be inserted.
3. EMV does not work like ATM.
The quick card dip in and out required at many ATM machines will not work at an EMV reader. The card has to be inserted into the terminal and left in place until the transaction has been verified. When it is time to remove the card, the terminal will prompt the customer or employee.
“It’s a little different and it takes a little longer than the swipe, and the merchants will have to accommodate for that,” says Merritt.
4. Customers still will have to sign on the dotted line.
Banks and credit card companies require a chip and a signature to approve a transaction. Whether the customers’ signatures are collected by printed receipt or digitally on the terminal screen is up to you.
5. Protecting your customers requires additional technology.
Because replicating a credit card with an EMV chip is very difficult, this technology makes it nearly impossible to make fraudulent charges at the point-of-sale, protecting the banks and credit card companies. However, the EMV chip does not protect customers’ payment information from a data breach.
To ensure you are doing all you can to protect your customers’ information, choose an EMV terminal that has point-to-point encryption to safeguard the customers’ data. This technology immediately encrypts customer data and, therefore, keeps sensitive information hacker-proof.
ShopKeep’s POS terminal is EMV compatible and has point-to-point encryption technology. As an exclusive, special offer, ShopKeep is offering a free terminal to Time Warner Cable Business Class customers.
6. Credit card terminals should do more than take plastic.
With apps like Apple Pay and Google Wallet increasing in popularity, you may want to choose an EMV-compatible terminal that accepts payments from mobile devices.
“Merchants need to future proof their business,” says Merrit. “They need a terminal that has near field communication (NFC) that allows the reader to Apple Pay and some of the other mobile wallet solutions out there.
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