You’ve heard of the gradual shift from cards sporting magnetic strips to EMV chips, but wonder if there’s any real rush. The fact is that this technology, named after EuroPay, MasterCard and Visa, is quickly becoming the norm. Along with keeping up with the times, the importance of being EMV compliant also extends to protecting you and your small business. Here are a few things you need to know.
EMV is the new security standard adopted by major card brands in the United States. The EMV standard has been used in Europe and Canada for many years now and is intended to lower fraud by making it very difficult to counterfeit. Independent software vendors (ISVs) that integrate payments into their solutions must anticipate the different ways their clients accept customer payments. Businesses that focus on ecommerce and phone orders will require card-not-present solutions, while those that transact in-person will need card-present solutions. SCR 531 Smart Card Readers Writers Software SCM Microsystems' SCR 531 is a logical extension of the new SCR331 and SCR131 Smart Card Reader family based on SCM Microsystems' STC II pin. After 5 years we become number one with our emv software. We are here to provide you the best service with our products. New is our ARQC script and the NFC app. After payment you can download the software with a step by step guide. EMV Softwares Pvt. Plot NO-11, First Floor, Pocket-7, Sector-2, Rohini, Delhi-110085 Email: info@emvsoftwares.com Phone No.: +099 +320.
Your Current Point of Sale System May or May Not Work With the Cards
There’s a good chance that your current setup will process the cards, but you and your staff may have to take a few extra steps to complete the transaction. That may not seem like a big deal, but think of how many credit and debit card transactions your business processes daily. Those extra seconds here and there can add up to a lot of time by the end of the average workday. In terms of productivity, making sure your employees have what they need to process transactions quickly is in your best interests.
Having to Absorb Losses from Fraud
At the end of 2015, your scope of coverage against credit card fraud changed. Unless your point of sale system is capable of processing cards with the EMV chips, you will end up taking a hit on any fraudulent use of cards that occur in your place of business. Think of what that could mean, especially if it takes some time for the card issuer to detect the fraudulent use and deactivate the card.
The only way to protect yourself is to find out what must be done to upgrade your current POS system. Depending on the system design, your provider may need to install new software. At other times, you may need a new terminal along with updated software. While it may seem like a waste to let go of a terminal that’s working fine, see the upgrade as a form of insurance for you and your business.
Revisit Your Security Protocols
Updating to EMV software is also a good time to take a fresh look at how you protect yourself and your clients. As part of the upgrade, you may find that adding a few other features would make it more difficult for anyone to engage in what’s known as skimming. Skimming is the illegal act of a third party capturing card data during or after a transaction is completed. Some additional upgrades will protect you and your customers from this type of theft.
An Opportunity to Enhance Your Payment Technology
As long as there’s the need to update your terminal, why not see if you can also update other aspects of your payment technology? For example, can you currently process payments using a smartphone or a tablet? If not, now would be a good time to ensure the new terminal includes that capability.
Even if you don’t anticipate using a phone or tablet to process a transaction in the store, consider what it would mean if you choose to set up a booth at a local trade show or festival. Being able to use the remote link and process purchases using a tablet is much easier than having to disconnect a system in the store and lug it to the event.
Even if you think your current setup is fine, it never hurts to get a second opinion. Talk with your service provider and explore what becoming EMV compliant would do for you and for your business. After hearing more about the benefits, it won’t be hard to develop a timeline for making all the necessary changes.
October 2016 is the EMV upgrade deadline for ATMs, but there is more to this upgrade than merely purchasing an upgrade kit, especially if you have an older machine.
An EMV kit contains a card reader and cables, but if the ATM’s software is not updated, it may not be able to support or recognize the new hardware. Therefore, there are minimum AP software requirements otherwise the ATM won’t know there is a card reader present.
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If the software is not too old, this is a simple update, but where it becomes more troublesome is if the machine needs to have the mainboard reformatted, reprogrammed and master keys reentered. In some cases, a new machine may be more cost effective and easier than buying an EMV kit and then paying to have it installed and programmed. Know your options and be prepared for the EMV liability shift this fall. Contact a CORD team member to find the most affordable and easiest solution for you.