Shared via the Merchant Support Network Incorporated (MSNI)
The payment processing industry is going through changes, changes that will influence your business. The need for better security plus an increase in consumer demand pushed forward these groundbreaking changes. Is your business prepared? Can your terminals handle the new EMV (Europay, MasterCard® and Visa®) cards designed to prevent fraud? If your machine cannot, you could be liable for losses. Is your business able to implement apple pay or google wallet? Continue reading to find out how you can bring your business up to date.
The technology that has been introduced to make transactions more secure is called EMV. EMV cards contain a smart chip which is read by a compatible terminal in a merchant store. The communication between the card and the terminal is almost impossible to replicate so potential of fraud will be significantly decreased.
Because this technology has become available, the liability for credit card fraud is shifting this October 1, 2015. Beyond this date, your business will be liable for losses incurred through accepting lost, stolen or replicated credit cards without EMV security. It is therefore imperative that your payment processing solution is ready to handle the chip capable cards.
The increasing use of smartphones over the last couple of years has led to the implementation of mobile payments. Consumers are already using credit or debit cards and the information stored on them can be more easily and securely stored on a mobile phone. Convenience is also a plus, with services like Apple Pay and Google Wallet already available for the general public. Paying is also easy and straightforward, requiring the consumers just to swipe their phones at a compatible terminal.