If you accept credit cards and don’t know what EMV is – you need to know.
According to Tom Hughes, Vice President of Small Business Product Management at AT&T, EMV stands for “Europay, MasterCard and Visa.” If you’ve ever seen a credit card that had a chip embedded in it, you’ve seen EMV. These cards have been standard in Europe for more than 10 years because they’re more secure than magnetic stripe cards. Magnetic stripe cards have static data (it doesn’t change), which makes them easy to clone. The chip makes it more difficult, and costly, to counterfeit because the data that is transmitted changes each time the card is read. This means less fraud.
Here’s three questions to ask Tom recommends you ask yourself – to help you decide.
Calculate your risk – Consider the cost of replacing your point-of-sale (POS) terminal vs. potential risk. Whether you replace it now or at a later time, eventually all businesses will have to replace their POS terminals.
Upgrade your POS system – Consider using an EMV compliant credit-card reader on a wireless device for an ultra-secure mobile solution. This is also a chance to upgrade other options, such as near field communication NFC technology, which lets consumers use their mobile devices to make payments at the point of sale.
Educate your staff – Educated employees translate to better-educated customers. Merchants can help customers better understand this change and what it means for them.
I recommend checking out Shopkeep (who we’re in partnership with) for the EMV solutions to your retail store.