EMV credit and debit cards are becoming increasingly common throughout the globe. Technically, they’re designed to offer increased security during transactions.
That doesn’t mean breaches can’t happen. If you’re a retailer, this is important to keep in mind, particularly during the busy holiday shopping season. It’s at this time of year that best practices are the most essential. Whether that’s using an email verifier tool to build your subscriber list or offering coupons to loyal customers, now is the time to improve both security and marketing operations. EMV cards allow customers to insert a chip into a card reader instead of swiping their card.
This has triggered a shift in fraud liability. If a breach does occur, the party that did not upgrade their technology accordingly will be responsible for any losses resulting from it. Thus, if a customer has an EMV card but a retailer doesn’t have the appropriate card reader, the retailer will be liable in the event of fraud.
The following are other important points to keep in mind during the holidays. They’ll help you facilitate safe card processing, which has a big impact on customer trust.
Customers Don’t Understand The Technology
Don’t assume a customer will know how an EMV card works or benefits them. A recent survey indicates most people aren’t prepared for this change. They simply don’t understand how EMV technology works.
That means you can play a valuable role for shoppers by explaining to them the essentials of EMV cards. They may be more inclined to make a purchase if they understand how this new system protects them.
Preparing Ahead Of Time Is Key To Your Success
The holiday season is a very busy time of year for any retailer. Preparing accordingly is important.
That’s particularly true thanks to the rise of EMV cards. Your employees will have to understand how processing transactions with EMV cards differs from other methods of processing transactions. Thus, it’s necessary to focus on thorough training.
You also want to ensure your POS systems have all been upgraded to accept EMV cards. Remember, you could be found liable if you don’t have the right technology. You’ll also make a better impression on shoppers by offering safer transactions.
Learn About Processing Rates
Take this opportunity to review your processing rate structure. The shift to EMV technology may impact it. Additionally, some card processors now charge fees to businesses that process cards without EMV-friendly equipment. Your profits may suffer during the holidays if your business isn’t EMV-compliant.
Remember these points if you haven’t adjusted to new EMV cards yet. The last thing you want to worry about during the busy holiday shopping season is losing money because you weren’t prepared for transactions involving new technologies. Luckily, by preparing ahead of time, you can offer customers greater security (and service) than ever before.