The entire credit card processing industry, including our team at PayAnywhere, have been working towards including EMV technology in all of the point of sale systems that we send to merchants ahead of the October 1, 2015 mandate. But to get a jump on things, many processors have sent out EMV capable devices that will need to be adjusted before they can start accepting EMV card transactions.
So what does that mean to you? Well, a few things actually. First, you should check and see if your credit card machine even has the slot to accept EMV cards (it’s either a slot in front, or on the top of the unit). If you don’t, you need to contact your sales agent to update your equipment as soon as possible. If you do have the slot for EMV cards, you’ll need to contact PayAnywhere to see if your PayAnywhere Storefront tablet has been enabled to accept EMV cards.
What is the difference between EMV capable and EMV enabled? Let us explain:
- EMV Capable — EMV capable means that your credit card machine is equipped with the hardware (i.e. the slot) and has the capability to do a transaction, but first you’ll have to update the application to enable you to process the cards. PayAnywhere has dedicated professionals to assist you with the step-by-step instructions to switch your PayAnywhere Storefront tablet from EMV capable to EMV enabled.
- EMV Enabled — When your machine is EMV enabled, you know that your terminal is ready to accept EMV transactions. These types of transactions help reduce credit card fraud and keep the liability where it is before the October 1, 2015 mandate.
According to the people at MasterCard, 73 percent of consumers say owning a chip card would encourage them to use their card more often; and 75 percent of consumers expect to use their chip card at the merchants where they shop today. With these numbers in mind, it only makes sense to get ahead of the game and equip your business with an EMV enabled credit card POS system.
So what makes EMV technology so important? EMV is a global payment system that adds a microprocessor chip into credit cards and debit cards, reducing the chance a card present transaction is being made with a stolen or copied credit card. Unlike traditional magnetic-stripe cards, anytime you use an EMV card, the chip in the card creates a unique transaction that can’t be replicated. This technology leaves hackers out in the cold because the number will never be valid again, and if they attempt to use it, the transaction would be denied.
The rollout of EMV technology is coming along, but even with the Oct. 1 deadline, it’s estimated that only 70 percent of credit cards, and 40 percent of debit cards in the United States will support EMV - that doesn’t mean you shouldn’t update your equipment. According to Fox Business, following the deadline card present fraud liability will shift to whoever is the least EMV compliant party in a fraudulent transaction — so make sure that’s not you!
Contact your sales agent to start the process of getting an EMV enabled PayAnywhere Storefront unit for your business today!