Still Behind the Curve on EMV Chip Processing? Why Your Business Can’t Afford to Procrastinate
Though gas stations received an extension for the EMV liability shift, AVP Solutions is still seeing far too many businesses dragging their feet on upgrading their equipment to comply with secure payment processing regulations for EMV Chip Processing. We’ve discussed this issue many times in past EMV Chip blog posts because we truly believe this is one area in which retailers with POS terminals are opening themselves up for serious problems.
The Two Main Situations in EMV Chip Processing
Situation 1: Outdated Terminals
Small businesses continue to use their outdated terminals to avoid the costs of equipment upgrades. Some even view their overall risk as minimal based on their business type, location, or customer base.
Situation 2: Delayed EMV Implementation
Businesses who actually possess EMV-ready terminals, but who have not upgraded software or taken the necessary steps to bring the EMV process online. These businesses continue to rely on magnetic swipers and are dragging their feet when it comes to taking the necessary steps to finalize their EMV implementation.
AVPS continues to emphasize the importance of credit card transaction security because we feel that a lack thereof places our clients’ financial health in severe danger. Everyone thinks that fraud will never happen to them, or that they still have plenty of time to upgrade their equipment. We encourage you to picture the following scenario:
Tomorrow afternoon, a new customer enters your business, exuding politeness and interest, blending in seamlessly with your usual clientele. What’s even better? She makes a moderately sized purchase, enough to boost your monthly profit and leave you feeling accomplished. However, two weeks later, your financial institution calls to inform you that the card used was a counterfeit, and since you didn’t process it as an EMV card, the liability falls on you. Suddenly, you’re faced with a substantial loss, tarnished relations with your financial institution, and your seemingly profitable month turns into a significant setback. Are you financially prepared for such a situation?
As a true advocate for credit card processing risk management solutions, AVPS will continue our mission of education and outreach, because we believe that fraud represents cancer for both our clients and their customers.
We can’t overemphasize the importance of EMV compliance, or that short-term investments and effort translate into long-term financial security. If your business is still not up-to-date with EMV processing, contact a representative today to discuss your options and take control of your transaction security.