EMV – Page 9

Aug 25 2015

The Truth About EMV!

Advice, Business, EMV, Industry, New Product, Tech

True. Bats see just fine, and in spite of the idiom “blind as a bat”, bats really have no reason to serve as the benchmark for people with less than perfect eyesight.

Popular myths aside, fall is indeed upon us, which means that the start date of October 1^st for the liability shift is near. Are you prepared?

To test your EMV preparedness, see if you can determine whether each statement is true or false.

There really is no proof that EMV is a safer way to protect data.

False, false, and false. Let’s look at two case studies. Since introducing EMV technology in 2004, the United Kingdom reported 62% less fraud in 2013. Canada has also reduced fraud losses to $29.5 million since transitioning to EMV technology. Fraud in Canada is down 79% from losses in 2009 ($142 million). With EMV technology responsible for the significant decrease in fraud in the UK and Canada, the technology aims to also decrease fraud in the United States as well, which currently accounts for nearly half of fraud worldwide.

All businesses—small and large—should be EMV-compliant.

True. No business is too small to adopt EMV technology. While it might be assumed that businesses with larger sales should adopt this technology, small businesses should also be sure to protect their sales as well. Leave it to a pesky fraudster to think ahead and target a small business because the merchant assumed that fraudsters only targeted larger companies. Prevent being caught off guard by being one step ahead of those who want to steal from you.

Adopting EMV technology is expensive.

For the business owner that thinks long term, false. The average cost of an EMV terminal is between $400 and $700. The average bill on a fraudulent card is $399. You do the math. While one fraudulent transaction probably won’t destroy you, starting October 1^st, you, and not the associated bank, will be responsible for repaying losses resulting from fraud if your business is NOT EMV compliant. You will also be penalized for the fraud that could have been avoided by installing an EMV card terminal. When you add it all up, $400 to $700 is a small investment compared to the possible cost of not adopting the technology. What’s more, card processors such as COCARD often discount card readers. So call us today, and we will work within your budget.

In addition to business owners, employees should also be trained on how to properly use EMV technology.

True. While you are schooling yourself on the ABC’s of EMV, don’t leave your employees in the dark. Whether through workshops, a training program, or printed manuals, employees should understand how card terminals work for both themselves and customers who need assistance. COCARD can work with you to develop a training program that’s right for your company.

So how did you do? Did you get the right answers? Regardless, this information will be useful as your company prepares for the coming liability shift and transition to EMV. With foresight, you can protect your company from fraud and ensure, to the best of your ability, an environment that maximizes both security and profits. There’s nothing batty about it, EMV we mean.

EMV FAQs

Admin

Advice, Business, EMV, Industry, Tech

Watch out—the future has arrived. And they call it EMV. As the target date for businesses to accept EMV payment cards draws near, make sure your business is ready to transition seamlessly from magnetic stripe cards to EMV. October 1st is upon us. Are you ready?

This list of FAQs will help you answer lingering questions and stay abreast of new developments with EMV technology.

What does EMV stand for?

It is an acronym for its developers Europay, Mastercard and Visa.

What’s the main difference between the cards we use now and EMV cards?

Magnetic stripe cards are the cards currently used in the United States and have a magnetic strip on the back. These cards are swiped through a card reader and contain static financial information that can be easily duplicated by card readers. EMV cards, on the other hand, contain a microchip that produces a new code with each transaction, preventing fraudsters from gaining access to sensitive data on the card. EMV cards are therefore more secure than magnetic stripe cards, and are responsible for a worldwide decrease in fraud.

How will switching to EMV directly benefit my business?

Great question. EMV will benefit your business threefold. First, your risk of chargebacks based on fraudulent transactions is greatly reduced. Whereas banks bore the brunt of the financial weight for fraud in the past, companies that have not adopted EMV technology will now be held accountable starting October 1st, when the liability shift starts. Adopting EMV technology will protect your business from costs associated with fraud. Second, as technology evolves faster than you can say Darwin, EMV is simply the beginning. Most of the hardware that accepts EMV will also allow your business to accept payment innovations such as mobile apps (i.e. mobile couponing and loyalty programs) and contactless payments. Third, you will be able to accept payment from visitors from other countries. Much of the world has already adopted this technology and no longer uses magnetic stripe cards. So prepare your business to increase profits by switching to a payment technology that more people can use.

I’ve been hearing the term “liability shift” a lot lately. What exactly is it?

It is when liability for card fraud switches from banking institutions to merchants. On October 1, 2015, businesses that aren’t updated to accept EMV cards will be held responsible for card swiped transactions on EMV capable cards that are found to be fraudulent. And penalties can be costly, particularly for small businesses. However, if your business is EMV-compatible, you will not be held accountable for fraudulent transactions.

As a small business owner, every penny counts. How much will it cost me to install an EMV-capable terminal?

EMV card readers cost between $400 and $700 but are often discounted through payment processors such as COCARD. Speak with us today—your EMV solution might even be free.

One thing to remember is that as the United States fully transitions to using EMV technology, cards will include both the microchip and magnetic strip. The process is expected to take anywhere between three and five years.

COCARD aims to develop our reputation as experts on EMV. We will continue to keep you posted on new developments and new ways of looking at this groundbreaking technology.

The Basic Guide to EMV

Admin

Advice, Business, EMV, Industry, Tech, Uncategorized

FullSizeRender Maybe you’ve already gotten a glimpse; a customer pulls a credit card out of his or her wallet, and as they swipe, you see a chip that’s embedded in the card. Don’t freak out. You don’t have to work at Google to get it. You just have to understand a few simple points about this new chip.

Let’s demystify the mystery, decode the data, and simplify the complexity of EMV.

Use these tips as a basic guide to bring your company into a new era of safer, more secure transactions.

• Update, update, update. EMV technology is new to the US, and the truth is that not all POS machines are already EMV-capable. What this means is that you should check both your hardware and software to see which components (whether some or all) should be updated, which brings us to our next point.

• Stay connected with all parties involved. No EMV machine is an island unto itself. Your POS system requires cooperation with your bank, processor, and other individuals or companies connected to your POS system. Find out what they have to say about EMV to stay current with any updates regarding the technology. It will allow for a more seamless transition.

• Think smart. Plan ahead, and stay one step ahead of the game. Once you’ve got the ball rolling on updating your POS system, consider other ways in which your system can stay smart. This includes considering a cloud-based POS or tablet solution like Revonu POS by COCARD.

• Consider COCARD. If you are considering a POS provider, we have a number of options available for POS systems and can help you decide if a new system is right for you.

• Carry an umbrella. You should always plan for a rainy day. Although it’s unlikely, there is always the slight possibility that your POS will break down. It isn’t fair, we know; but stuff happens. You should make a back-up plan to prepare for the off chance of the unexpected. Did you know that the Revonu package by COCARD includes a FREE EMV terminal?

• Teach your employees to fish. We promise, this is the last metaphor. Here at COCARD, we believe that employees should be trained in the ways of EMV. That means that they should understand the technology and know how to use it. After all, having truly knowledgeable employees makes the company look good.

So that’s it, six key points to remember about EMV. As you continue to learn more about this new technology, use this as a basic guide during your company’s transition to EMV.

The EMV experts at COCARD are available to answer any questions you may have!
800-317-1819 or support@cocard.info