3 Reasons to Upgrade to EMV Now
With the official October 1st EMV compliance date behind us, there are still many retailers that have not made the needed changes to properly process EMV enabled cards. Almost all banks and credit card companies have issued chip-embedded cards to their customers in time for the busy holiday shopping season so it really begs the question what are the real advantages to making the EMV switch.
- Fighting Fraud – Chip cards generate a one-time code with every transaction making it nearly impossible to create counterfeit cards for use in stores.As the EU has completed its migration to EMV acceptance, the region has seen an 80% reduction in credit card fraud while the US has witnessed a 47% increase
- Lower Chargebacks – Beginning October 1, 2015, new network rules mean merchants are more likely to be financially liable for fraud, lost/stolen transactions at their in-store locations without EMV compliance. In 2015 that liability in the United States is estimated to total more than $10 billion.
- Customer Peace of Mind – Customers are more than likely to shop at stores where they feel their information is safe. It only takes once to lose the customers trust and it is very difficult to get it back.
Two of the easiest solutions to become EMV compliant is simply upgrading your current payment terminals to EMV enabled ones like the Ingenico ISC250 and iPP350. Updating is an easy process and one of our Payment Processing specialists can help you find the right device for a hassle free update. Contact us today to get EMV compliant.
