The EMV® liability shift has come and gone; yet EMV adoption has remained slow, as many merchants still lack the upgraded solutions needed to safeguard themselves from instances of fraud. EMV has transformed the way payment transactions occur and it is crucial for merchants to become aware on how this new form of technology will impact payments. Several key organizations can help boost EMV awareness for merchants and aid in a successful EMV integration.
1. Independent Sales Organizations (ISOs)
One group that is in a leading position to promote EMV awareness to merchants is ISOs. Many merchants already rely on ISOs for their payment needs, so ISOs should take advantage of this relationship by educating their merchants on the consequences of not upgrading to EMV compliant terminals. Now that EMV has begun, merchants will be held liable for any counterfeit fraudulent charge that occurs, which could cause harm to their business.
To help prevent this, ISOs can meet with merchant’s in-person to discuss the process of switching to EMV and push EMV adoption. ISOs are able to make a direct impact with merchants by educating them on the risks of delaying EMV technology for their business. ISOs will be able to provide educational resources and support for merchant’s long term.
2. Merchant Service Providers
Merchant Service Providers will also play a key role in spreading EMV acceptance with merchants. For instance, merchants who are looking to understand what EMV technology is and the benefits of adding this technology within their business model can rely on a merchant service provider for vital information. Most merchant service providers offer informative content on their company website that discuss topics on how EMV will affect merchants directly, a FAQ about EMV, and statistical information related towards EMV acceptance.
In addition to being a source of information for merchants, merchant service providers also have opportunity to sell EMV compliant terminals to merchants and encourage them to upgrade their equipment. By undertaking this role, merchant service providers position themselves as a vital resource to merchants.
Banks can contribute beneficial value to the relationships with their business banking customers/merchants in a variety of ways. Merchants still have questions and concerns about how EMV will directly affect their business, and banks can help by clarifying the timeline, importance, and benefits of EMV. As a result, banks will be able to support merchants with future inquiries in addition to providing valuable banking services.
Like merchant service providers, banks should become proactive in offering marketing material on EMV for merchants. Such examples include brochures, statement inserts, a FAQ on EMV, and making sure they are advocating EMV awareness throughout their branch in addition to their website. With this in place, merchants will gradually become more aware of EMV technology.
EMV technology has proven to be a helpful solution to protect merchants against potential incidents of fraud. With help from ISOs, merchant service providers, and banks, merchants will become more aware of the benefits of EMV technology and be further encouraged to integrate EMV-capable solutions to safeguard their business.