EMV Chip Technology is here! Tips for Processing Credit Cards

The first and the final aim of EMV chip cards are to provide its users a highly secure solution for cashless payments. It is expected that use of EMV cards will curb frauds to a great extent. Thus, it would be healthy for your business to adapt to the change.

The following blog will help you to get acquainted with this new technology.   

Avoid panic!

Even if your business hasn’t still switched to use of EMV then there is nothing that you should panic for. The only drawback of not working in accordance with October 1st deadline is that you will be responsible in case of any credit card fraud found to take place through your terminals. After the October 1, the fraud liability has shifted from card-issuers to merchants who still haven’t adapted to the change.

In case you are still lacking behind there’s nothing to stress out. Make the change now so that you are on the safer side.

Make use of the right technology

You will need to get new terminals for accepting chip cards and for this you need to replace current terminals and mobile readers with EMV terminals and EMV readers. With the new terminals, your customers can dip their credit card into it to make payments instead of the old swipe method. There’s no hard and fast rule in this. You can get in touch with a reliable merchant service provider to start using this new technology.

In some cases the same technology would also work for EMV chip cards depending on the business type. Since the EMV shift is applicable only for card-present transactions so online retailer or merchants who accept over-the-phone payments are exempted from the EMV shift. So, you need to make the EMV shift only if you accept in-person payments- point of sale transactions, wireless terminal or mobile reader.

Train your employees and customers

The best way to make everyone understand and adapt to the change is by educating them. Make them aware of how it works, why it is necessary and conduct practical training sessions. This will help them to get to know the technology better.