New chip reading cards and devices are popping up everywhere, in lines at grocery stores and gas stations, coffee shops and beyond. What is it exactly and how can it benefit your business?
It came out of nowhere here in the United States. All of a sudden stores now had a new way of accepting card payments. So where did this all start? It originated in Europe, and was actually developed 10 years ago in an attempt to make credit card transactions safer. Instead of storing data in the magnetic stripe, it is now kept in a computer chip inside of the card. This makes it insanely harder for someone to steal the card’s information for future use. Currently, without the chip, If a fraudster nabs your card for a few minutes, they can make a digital copy of it and drain your funds in no time flat.
An even sneakier method involves what is called a card skimmer. This wretched device can be placed over a card reader to make an exact copy of your magnetic stripe. It’s amazing what lengths some criminals will go to, but an EMV reader adds an extra wall of protection for the business and the consumer. Once the card is read by the EMV device, it’s information is dynamically sent to credit card terminals. This virtually eliminates the threat of fraud by keeping the recorded transaction more secure, and less physical. Moreover, the card itself makes it harder for a fraudster to make a digital copy.
EMV and You
So, you’re debating on whether or not to jump on this smart chip card craze. First, and foremost, there are no benefits to this system if you only handle online or over the phone transactions. EMV is for physical, or card present, transactions only. That being said, you might be wondering why you should accept chip cards in the first place. Maybe you’ve never run into an instance of fraud, or are satisfied with the way you take payments at your terminal now. Well, in October 2015 there was a liability shift for business owners. By not accepting Chip and Pin or Chip+Signature, any fraudulent sales run through your account make you subject to new fees. Statistics have shown that credit card fraud has risen by astounding numbers over the past decade. While you might not have encountered it before, there is always the chance that you will, and those liability fees are a headache no business owner wants to go through.
Maybe you really haven’t seen anyone with a chip card yet. That’s the number one thing we hear, why pay for the technology if it isn’t catching on? In all reality, it is catching on in a big way. All major US banks have begun issuing these cards in large quantity as the old magnetic stripe ones expire. This means that, before long, everyone will be using an EMV style debit or credit card. Right now most customers will have both capabilities, but that will only be around until businesses adjust to the new technology. Soon, you will encounter a customer with an EMV only card, and find yourself being unable to accept their payment. While you aren’t required by law to be compatible with this technology, accepting these types of payments now eliminates hassles in the future.
Technology of the Future
Having a terminal with an EMV slot isn’t all it takes, you’ll need As of now, there are a select few terminals that come smart chip ready. Most existing terminals require an immense amount of security and software updates before they can begin to accept EMV payments. Dharma offers many different ready to go models, which you can read about here. All Dharma hardware is offered at an affordable price, and make your business ready to take any chip card payments. Click the links to learn more about each one, and see which is the right fit for you.
All Things Considered
While there is no fool-proof way to eliminate fraud, EMV card and readers certainly offer a new wall of protection against criminals. This new technology is becoming the future of accepting credit and debit card payments in-person, and your business can start accepting these payments as well with top of the line technology at an affordable price. As always, Dharma’s fees and prices are clearly displayed with nothing hidden in fine print. If you’re ready to make the change and get ahead of the curve, submit an equipment order form, or call us to get started.
Dharma Has The Solutions You Need
No matter what industry you occupy, we can provide support when it comes to accepting credit card payments. We have solutions for storefronts, online, and mobile payments. You’ll be able to fully leverage the power of using credit cards for your business. You’ll present a professional image to your clients, and gain a leg up when it comes to outmaneuvering competitors who haven’t quite caught on yet. We’ll ensure you have the latest technology to keep your account safe and secure.