Technophobics Don’t Be Afraid

Technology is a good thing and adapting may be easier than you think.  

Change can be overwhelming. If you consider yourself to be in this category, you’re not alone. And if you’re not exactly comfortable with the pace of technological change, you’re definitely not alone. Technology is changing rapidly and adapting is key for businesses looking to grow and increase revenue.  

Main Content

Technophobics Don’t Be Afraid

Jul 16, 2018

Technophobics Don’t Be Afraid

Technology is a good thing and adapting may be easier than you think.  

Change can be overwhelming. If you consider yourself to be in this category, you’re not alone. And if you’re not exactly comfortable with the pace of technological change, you’re definitely not alone. Technology is changing rapidly and adapting is key for businesses looking to grow and increase revenue.

But no matter where you are on the technology comfort continuum—from very comfortable to not comfortable at all—it’s important to know that when it comes to payment processing technology, change is not just a good thing; in many cases, it’s a very good thing.

The technological changes in the industry have been, for the most part, for the better. Here are a few recent technological changes and how they can affect your business and your customers in a positive way. 

EMV®

The purpose of EMV is to improve payment security at the point of sale, and the data suggests that it’s working spectacularly well. According to Visa’s March 2018 Visa Chip Card Update “for merchants who have completed the chip upgrade, counterfeit fraud dollars dropped 76 percent in December 2017 compared to December 2015.” 

If you’re asking yourself, “What is EMV?” Or “What is a chip card?” it’s time to get on board the technological train. EMV cards feature a micro-processing chip (the small, metallic square on the card) so instead of “swiping” a credit card at the point of sale, customers “dip” their card into the slot on EMV-enabled terminals. 

Why EMV? It’s very difficult to fraudulently use a cloned, lost or stolen card in the slot of an EMV-enabled terminal. And if your business is not EMV-compliant by now, you can be financially responsible if a fraudulent transaction occurs. 

The good news is that accepting chip cards is easy; typically, all you need is a software update and the installation of an EMV-enabled terminal. Your payment processor can help with this process.

Visa Claims Resolution

Another technological advance has been the introduction of Visa Claims Resolution (VCR), a new dispute resolution program that went into effect on April 14, 2018. The purpose of this program is to improve chargeback resolution time and reduce the number of invalid disputes. Early evidence suggests that the new program is having its intended effect.  

According to pymnts.com a study conducted by MyChargeBack, reveals that the VCR policy is speeding the resolution of consumer disputes.  

There are a few points with the VCR policy to keep in mind. One key change is that merchants now have 30 days to respond to a dispute concerning a Visa charge (as opposed to the 45 days you had in the past). Also, merchants have just one opportunity to present evidence, which puts a premium on the ability to stay organized and present “compelling evidence” in a timely fashion.  

At the same time, however, customers only have one chance to present their evidence and arguments; also, disputes that don’t meet certain criteria—as per automated checks performed by Visa—will be rejected out of hand. 

All in all, the advent of VCR means likely means fewer disputes and less time spent addressing disputes and chargebacks, allowing businesses to spend more time serving customers and building up business.

Mobile Payments 

One of the greatest technological leaps forward in recent years has been the ability to take payments on supported mobile devices like smartphones and tablets. If your business doesn’t accept mobile payments, it may be the right time to consider making the change. Mobile payment technology gives the ability to make a sale anywhere, such as a trade show floor, a kiosk, or within a retail location, increasing the likelihood of impulse buys and reducing checkout lines. 

When it comes to upgrading the technology consider adding the capability to take contactless payments, which are facilitated by a technology called Near Field Communication, allowing consumers to pay using mobile wallets as well as wallet apps. 

In the future, it’s also possible that more American consumers will be making purchases via wearable payment solutions or by using cryptocurrencies. 

PCI Compliance

As of today, businesses should be PCI Compliant. To be PCI Compliant means that a business is adhering to the Payment Card Industry Data Security Standards (PCI DSS), which are administered by the Payment Card Industry Security Standards Council (PCI SSC).  

PCI Compliance is designed to benefit both customers and businesses by helping keep cardholder data—that is, any personally identifiable information associated with a cardholder—safe and secure.  

PCI Compliance is also an ongoing responsibility, not a one-time event, and it’s a shared responsibility that involves your business, your payment processor and the card brands. While there aren’t direct consequences for being non-compliant, the card brands can impose fines and other operational sanctions if you experience a data breach. These sanctions have the potential to be financially disastrous and can result in losing the ability to take credit cards. 

Technophobics take note: the time is right to put fear aside and embrace technology. It will not only benefit your business, it will help draw customers to your door.

EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries.

Contact Us
About Our
Merchant Services

Get your Free Quote, Now!

After you have submitted your information, a TSYS representative will contact you.

All fields are required to submit form. Your information is private and secure. We do not accept adult businesses

Customer Support Form