EMV has changed the way in which transactions are processed, and has also brought on a lot of confusion and headaches for both merchants and consumers. In fact, many merchants still do not know how EMV works, nor have they made the switch to using EMV compatible solutions.
- Talk with a payment expert: It is important to speak with a payment expert to learn about EMV solutions and the support they can provide. Payment experts can offer tips for incorporating EMV solutions for merchants and can be a helpful resource to partner with so that your small business can seamlessly integrate and deploy EMV.
- Obtain price quotes: Depending on the overall quality and features, the price for installing EMV terminals or point-of-sale solutions can vary from processor to processor. Make sure to get price quotes from a payment processor and be on the look out for hidden fees or costs that are included. Choose a processor that will provide support for their products and be available to assist you with any issues.
- Upgrade your solutions: After speaking with a payment processor, small business owners should begin upgrading their credit card terminals and point-of-sale equipment to be EMV compatible. New solutions can be a costly expense for merchants, yet the price to upgrade to EMV capable products is likely less than having to cover instances of counterfeit fraud. Keep your business safe by installing EMV products with modernized technology to secure future transactions.
- Learn about EMV: The best way to safeguard your small business is to educate yourself on what EMV is and how it works. Now that the liability shift has passed, the responsibility for any counterfeit fraudulent charges will be placed on the merchant. By becoming knowledgeable and learning about the consequences and benefits of EMV, small businesses can begin to protect themselves and be prepared in an instance of fraud.
- Train your staff: Once you have EMV solutions in place, be sure to create a training plan to help your employees become acquainted with how to use EMV at a terminal. Training employees on the steps of an EMV transaction is imperative, as many consumers are still confused and unaware on how to pay with their new chip cards. Having a knowledgeable staff will make a world of a difference, as employees will be able to assist consumers quicker with their transactions.
EMV can be difficult to understand, but it is important to take proactive measures for your small business and begin upgrading to EMV solutions and products. Waiting too long will put your small business in the position of being responsible for counterfeit fraudulent charges. By talking with a payment expert, gaining price quotes, upgrading your solutions, becoming knowledgeable about EMV, and training your staff on EMV transactions, your small business will be well on your way to more secure payments.