Why Your Business Needs to Accept Chip Cards

It feels like forever ago that the EMV® Liability Switch took place on October 1, 2017. But even now, many businesses have not switched over to taking exclusively EMV (colloquially known as chip cards).  

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Why Your Business Needs to Accept Chip Cards

Mar 6, 2019

Why Your Business Needs to Accept Chip Cards

It feels like forever ago that the EMV® Liability Switch took place on October 1, 2017. But even now, many businesses have not switched over to taking exclusively EMV (colloquially known as chip cards).

When the changeover happened, many small businesses hesitated to make the change. Some owners didn’t fully understand what the liability switch meant, and the technology was often irritatingly slow.

But these days, those issues are solved – and it’s getting dangerous to forego EMV technology.

How EMV Has Decreased Fraud

The major promise of EMV was that it would decrease card-based fraud. On this front, there’s no dispute that EMV has worked.

In June 2018, Visa found that there are no certainties in security, of course, but EMV remains far more secure than magstripe. As a result of that, though, many retailers still relying on magstripe technology are in more danger.

The Growing Dangers of Magstripe

There are reports that fraudsters now increasingly target the few remaining EMV holdouts. “Friendly fraud,” for instance, is now a common tactic that criminals are using at businesses that accept magstripe.

Merchants that still use magstripe put a target on themselves as the numbers dwindle, because friendly fraud and similar tactics are easier when a merchant does not use EMV. This especially affects the small businesses that resisted making the EMV hardware change.

In the past, some industries assumed that fraudulent chargebacks were not their issue—that they were only a significant problem for industries that have large ticket sizes. Now, the holdouts are targeted far more often, regardless of ticket size.

Luckily, the solution is simple. Potential liability for card-present, in-person fraud is massively reduced by switching to EMV.

EMV Is Now Fast

Many merchants were hesitant to use EMV after the changeover for another understandable reason: it was slow. There were reports of transactions taking up to 20 seconds.

To find out more about today’s simple, reliable EMV readers or learn how you can buy one from ProPay, visit our site.

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

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