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Business owners are on the precipice of the EMV switch. Consumers are starting to receive their EMV cards in the mail. EMV, which stands for Europay, Mastercard, and Visa, uses digital chip technology to reduce the rate of credit card fraud. Since October 1, the liability rules kicked in for business owners, leaving them responsible for any fraudulent charge backs. Small business owners may fear the expense of coping with the EMV switch, but the process can be pretty painless. Try these tips before delving into a POS system overhaul:
Adapting to EMV technology doesn’t mean that you have to completely overhaul the way that you do business. In many cases, you can make a few upgrades to your current system. If you’ve purchased your POS system within the past few years, chances are that you already have the capability to read EMV chips. You might just have to purchase a software upgrade. If you’re unsure, check with your POS system provider.
Much like a cell phone plan, you are free to negotiate the terms of your payment-processing contract. If your POS software isn’t capable of making the change, get in touch with your vendors and rethink your terms. Chances are you can save big money in the long term.
If you do decide to overhaul your system, you can shop around a little. There are more affordable options out there than purchasing a whole new POS package. There are plenty of convertible card readers on the market with a lower price tag.
Have you successfully made the switch to EMV? Let your customers know about it. Consumers, especially travelers, will appreciate the extra security they can get from shopping at your store. Once you’ve made the switch to EMV, you and your customers can both feel safer with payment processing.
What Can You Expect from TallySales? Download our Complete POS Guide to TallySales Retail Management Suite