While time does continue to zip along, we’re not always busy referencing the season of jack o’ lanterns before St. Patrick’s Day has even arrived.
But this October will be a bit different, since October 1, 2015 (October 2017 for fuel merchants) is when the planned migration to chip technology in charge cards will require the terminals and software to be enabled for merchants to accept those cards For businesses who don’t, or won’t, accept EMV or chip cards by then, there will be a liability shift back to the merchants for card-related fraud. This liability shift will route chargebacks to the merchant.
Additionally, not just “chargebacks,” but “fallbacks,” will continue to become an issue. Fallback transactions occur when a contact chip card is used at chip-capable point-of-
sale terminal but the card details are not captured via chip technology. The card then “falls
back” to magnetic stripe. Due to the increased risk associated with these fallback transactions , the interchange rates are higher, and penalties and charges for merchants will continue to grow.
Yet, according to Payments Source, “Several things are holding the migration back, with one of the major factors being a lack of awareness of the standard.”
Among other things, “many smaller merchants don’t even know what EMV is. Both card issuers and the banks need to do a better job of talking about EMV…One would think retailers would use this to a marketing advantage, using EMV compliance as proof that they care about their consumers’ best interests,” yet, the article acknowledges, the first step in “migrating to EMV technology means implementing an EMV-compliant card reader.”
If you haven’t upgraded yet, AVP Solutions is offering an EMV compatible terminal with enhanced connectivity, unrivalled memory and unprecedented processing speed. Built with long-lasting components, flexible connectivity options and a brilliant backlit screen for years of operation.
All that, plus you will show your customers, as the article notes, that you are prioritizing their digital security.
Among the features of the AVPS card reader:
o PCI, PED and EMV approved security
o Triple track (tracks 1, 2, 3) bi-directional Magnetic Reader
o EMV Level 1 and 2 Type approved
o Process via phone line or Ethernet cable (10/100BaseT)
o Large backlit display for easy viewing
o Compact footprint saves counter space
o EMV-ready with standard PCI PED 2.0 approval, with the option of PCI PTS 3.X
In the present data security environment, you don’t want be to caught with, essentially, an “unlocked gate,” once EMV becomes the new standard. For information on upgrading, contact your AVPS rep today for further details, and to meet October head-on.