3 good reasons you should accept EMV cards

You'll discover benefits galore, including fewer fraud-related losses

by Alice Bredin

Starting October 1, businesses that are not equipped to support Europay, MasterCard, and Visa (EMV) chip security technology for credit and debit card purchases will automatically assume some of the risk for fraudulent purchases that card companies now cover. This is a pretty big “stick,” and the threat makes it easy to overlook the benefits of shifting to EMV. Once your business can accept chip cards, it stands to dramatically reduce fraud and make shopping safer for customers.

Learn how to easily make this shift and smoothly manage the transition in the exclusive Business Circle EMV guide. The guide includes actionable advice to help you through each stage of the changeover so that you can be fully prepared come October 1, and it provides concrete examples of how the liability shift could impact your business. The information and tips in the guide can help you capitalize on the benefits of accepting chip cards, which include:

  • Fewer fraud-related losses. Countries that have already implemented EMV have seen dramatic reductions in face-to-face credit card fraud. As more businesses shift to EMV in the U.S., experts believe fraudsters will begin targeting businesses with the weakest security—that is, those that have not yet made the switch. Even if your business has experienced little or no card fraud in the past, you may become vulnerable if you don’t upgrade to accept chip cards.
  • Increased customer satisfaction. Improved payment security may help customers feel more comfortable making card purchases. It could also help you win sales from customers visiting from overseas who are accustomed to using chip cards.
  • Enhanced payment capabilities. Many chip card terminals also support contact-less mobile payments, such as Apple Pay™. Upgrading your point-of-sale system for the EMV shift gives you the opportunity to gain other capabilities your current system may lack, such as inventory management features or loyalty program integration.