Making the EMV Transition: Useful Tips & Tricks
You’ve read a lot about the new chip card technology, but the idea of having to make some changes seems a little intimidating. In fact, the process may not be as difficult or as costly as you think. The only way to know for sure is to talk with a professional and see what has to be done. Here are some tips that will help make the transition to EMV quicker and easier.
Start with a Complete POS System Evaluation
Before any changes are made, talk with a provider about evaluating your current POS system. The goal is to determine if the system can be upgraded to allow for the use of credit cards with chips. In the best case scenario, you will find that the only thing that really needs to change is the software. Keep in mind that you may need to invest in a new terminal that includes a slot for the credit card to be inserted as well as be swiped. This approach will allow you to easily process cards with the older magnetic strips as well as the newer chips.
Choosing the Right Software and Hardware Upgrades
Any changes to your existing payment terminal or system must ensure that you are fully compliant with current the Payment Card Industry (PCI) standards. This is not as hard as you may think. Reputable providers will only use software and hardware that meets those standards.
Remember that ensuring the upgrades are in compliance is in your best interests. This is because POS systems that are not in compliance could leave you open for absorbing the amount of any fraudulent credit card usage. By choosing to update to EMV software, you will ensure that your system meets those standards, and will continue to be protected in the event of fraud.
Allowing Enough Time to Make the Change
The good news is that installing new software or hardware will not take that long. In fact, you could arrange for a professional to come in after the store closes and have everything installed and tested in a couple of hours. This is important, since you do want to avoid having to temporarily accept cash or checks only during standard business hours. If you arrange for the installation after you close, none of your customers will be inconvenienced.
Training Your Employees and Helping Your Customers
Since processing a transaction is a little different now, you want to make sure each of your employees know what must be done. This isn’t just about knowing how to ensure the transaction is progressing properly. It’s also about helping customers who may be confused at first. After swiping their cards for years, the idea of having to insert the card into a slot and leave it there for the duration of the transaction may seem odd. If your staff knows exactly what must be done, they can help clients get the hang of using the new setup.
Keep in mind that chip card technology is here to stay. Eventually, you will have to make the switch. Instead of waiting until later and possibly find yourself facing finds or an increased risk of fraudulent activity, why not explore your options today? Once you understand how the change over will go and what it will do for you and your business, setting a date for the upgrade will not be difficult.