What Merchants Need to Know About Credit Card Terminals with EMV
Do you know the security vulnerabilities of your merchants? You can bet they do.
Make 2018 the year fraud-related chargebacks are squashed and the other spiraling costs associated with credit card misuse, data breaches and related security catastrophes.
“Of all the measures a merchant can take to mitigate fraud, becoming EMV compliant provides the biggest bang for the buck.” - First American’s Ross Paup, on the merits of EMV chip card technology for small to mid-sized merchants
Prevent Fraud with Credit Card Terminals with EMV
EMV compliant equipment and technology are a proven deterrent against fraudulent activity, and that is no company line. It is critical that you educate your merchants about credit card terminals with EMV technology– the first and strongest line of defense against credit card fraud.
In their September 2017 Chip Card Update, Visa reported that merchants who have completed the chip upgrade experienced a 66% drop in counterfeit fraud dollars (measured from June 2015 to June 2017).
The U.S. credit card fraud growth cost merchants 3.1 billion dollars in 2015, and is projected to reach 6.4 billion by Q4 2018 (source: U.S. Payments Forum White Paper, “Card Not Present Fraud Around the World”). With fraudulent activity growing at such an explosive rate, credit card terminals with EMV integration are fast becoming a necessity to businesses who are serious about protecting customer data and minimizing payment processing overhead.
EMV chip enabled cards create a unique, date and time stamped code for each individual transaction processed at credit card terminals with EMV technology. That unique identifier effectively reduces merchant chargebacks.
Educating Your Merchants on Credit Card Terminals with EMV
For ISOs, it is critical to help merchants understand how time consuming and costly it can be to resolve issues of credit card fraud and why credit card terminals with EMV will exceed any upfront costs in value overtime. For those small and medium-sized merchants, it is especially important for them to implement EMV technologies, as they are among the most vulnerable.
Considering the significant impact these fraudulent purchases can have on a small business, Paup explained that and credit card terminals with EMV technology are a modest investment quickly recouped. When a merchant is properly informed and can recognize the potentially disastrous cost of not becoming compliant, the benefits hit closer to home and make the decision an easy one.
To learn more about how EMV technology can protect your merchants against credit card fraud, contact us today.
