Mobile credit card processing has opened up a world of opportunities for mobile-based businesses.
In fact, even pop-up roadside stands now have the ability to accept payments. As the world moves away from cash-based transactions, mobile processing allows unique business models to gain and retain their customers by accepting credit card payments. However, with the recent changes to credit card processing rules, many of these small businesses may be at risk and not even know it.
If you participate in mobile phone credit card processing, here’s what you need to know now:
- Credit card companies and banks now issue cards equipped with an EMV chip.
- Unlike traditional credit card swipers, EMV chip cards require special equipment to process. The chip allows the cards to be processed securely.
- Both banks and credit cards companies now instruct their customers to process the chip cards rather than use the magnetic strips, so your customers will expect you to be able to do this.
- If you continue to process cards through the magnetic strip rather than a chip-enabled device, then you will be liable for any fraud, not the bank or credit card company as was the case in years past.
- There are mobile phone processors now that can process chip cards compliantly, so you shouldn’t suffer any disruption in business.
- Upgrading to an EMV processor will help prevent fraud, and also keep you from being liable. It’s important to upgrade as soon as possible.
At AVPS, we specialize in secure mobile credit card processing, and we want to help your small, mobile business make this transition easily and affordably.
Our team believes that supplying equipment is just the beginning; we also provide all of our clients the training and support they need, especially when adapting to new equipment and processes. To learn more about mobile EMV processing, contact our team today!