Beginning in October, businesses that don’t accept EMV cards (Europay, MasterCard and Visa) will be liable for counterfeit fraud that occurs when customers use the new cards.
NerdWallet, which provides consumer financial advice, offers tips for accepting EMV payments.
- Assess the POS system: The path to compliance is different for every business. Check requirements for system hardware and software or simply replace the card terminal.
- Talk to stakeholders: EMV migration requires more than just updating a terminal. Talk to a credit card acquirer, processor or bank about the upgrade requirements and cost.
- Rethink the technology: Becoming EMV-compliant is an opportunity to reassess how a business accepts credit cards. Consider whether to continue with the same POS provider.
- Keep security in mind: EMV cards are designed to cut down on fraud and the use of lost or stolen cards. Ask payment providers about the security measures in place to protect data.
- Train employees: Unlike using a magnetic strip card, customers must insert an EMV card into a terminal to complete the transaction. Ensure employees know how to do this. SOURCE: NerdWallet, “5 Steps to Small-Business EMV Compliance,” June 2015