Transitioning to new EMV payment solutions this year may sound like a daunting proposition. After all, most of us don’t like change. But in fact, the EMV update is actually an opportunity to gain some substantial benefits for you and your customers.
A recent consumer payments research study by financial services company TSYS revealed increased concern among consumers about credit card security. Partially due to heightened news stories of fraud issues in the industry, there is substantial interest in using new security tools. 48% of the study’s participants responded that they had heard of chip cards, and 14% had actually already received one of the new devices. In another study by the same group, 63% of responders indicated that they would most likely be willing to go so far as to switch accounts if it meant improved security.
Let’s then look at some benefits you will gain with EMV payment solutions:
EMV technology is the strongest security system available today for processing credit and debit card transactions. Microchips found in the EMV cards used to store data have greater security built in and are harder to counterfeit than magnetic stripes on older cards. Chip cards’ level of sophistication make cardholder authentication more reliable. In addition, an immediate digital signature is created via cryptograms to ensure you have fewer issues with transaction repudiation.
New Platform Compatibility
Updating to EMV payment solutions will ensure that you are able to process payments via all the latest platforms including mobile wallets and Apple Pay. The non-contact payment feature on readers will also let customers use chips that are embedded in other sizes and shapes such as key fobs and smartphone cases.
The initial systems will be able to read both the old magnetic stripe cards, as well as the new smart cards with IC chips. You’ll be able to smoothly transition your customers into the new technology without so much as a hiccup.
Fast, reliable equipment
New EMV payment solutions use equipment that is easy, fast and reliable. There will be no customers standing in line at your terminals while transactions are processed on slow machines. Especially with the non-contact method, smart cards are read in an instant, sending the most secure data quickly through your credit card processing system.
What to look for in an EMV Payment Solution
So with these benefits in mind, here are a few tips on what to look for when updating to an EMV payment solution:
Terminals that can read both contact and non-contact smart cards will ensure that all your customers have the best experience. Customers today like options and in giving them choice, the user experience will meet their particular preference in payment style.
Consumers who are educated on EMV and its special characteristics will more easily adapt to the system change. Go with an EMV payment solution that offers good information to consumers, saving you the task of keeping them abreast of developments. Banctek is instituting educational blogs on our website for all the latest news on EMV.