By Michelle Tohill
Last October, the United States adopted EMV standards, requiring a new card reader for most retailers accepting cards. This new structure adds costs to an already stretched DME business, but it is essential to reduce the risk of being liable for credit card fraud, which could destroy your business.
A lot of the information available about EMV makes it seem complicated. Here is a simple review of what it is and what you should do about it:
>> EMV cards have drastically reduced credit card fraud in other countries, and it is hoped they will have the same impact in the US.
>> Beginning Oct. 1, 2015, US retailers that do not offer EMV processing machines are liable for credit card fraud conducted at their business.
>> The majority of US credit cards are now distributed with EMV chips, and most consumers are becoming familiar with the use of EMV chips vs. the traditional swipe method.
>> Many retailers have been frustrated about EMV-compliant hardware and software, which adds both hard costs and training time.
>> Although new EMV procedures can be frustrating and expensive, not implementing them means you are at risk for fraud liability.
To get started with EMV, speak with your retail card services or billing vendor. At Bonafide, our team is ready and willing to support you in making the transition to EMV. Let us know if we can help!