Many small business owners are still unprepared for the EMV liability shift that will occur on October 1st. In fact, most merchants currently have no clue how EMV will affect their business and also have not started to make the switch to using EMV compatible hardware. The good news is that small businesses still have time to educate themselves and prepare their organization before the EMV liability shift goes into effect.
Here is a checklist that all small business owners can follow to prepare for EMV:
- Educate yourself: The best way to protect your business is to educate yourself on what EMV is and how it will work. Once the liability shift starts on October 1st, the responsibility for any fraudulent charges will be put on the merchant. This means you could be fully responsible for a fraudulent transaction, which could be detrimental to the future of your business. By learning and becoming knowledgeable on EMV prior to the deadline, small businesses can get a head start on how to protect themselves and be prepared.
- Upgrade your equipment: Small business owners should also look into upgrading their point-of-saleand credit card terminal equipment so that it is EMV compatible. New hardware could be a hefty expense for merchants, but the price for upgrading to EMV capable products would be much smaller than having to cover fraudulent transactions. Do your business a favor by installing EMV capable products with modernized technology that will secure future transactions.
- Speak with a payment processor: Be sure to have a talk with a payment processor on what all they can do to support your business with EMV. They will be able to guide you on the benefits of switching to EMV terminals and what they can offer to help make the transition smooth and easy for you as a business owner.
- Get price quotes: Depending on the features and overall quality, the price for installing EMV point-of-sale or terminal technology can differ from processor to processor. Make sure to look out for any hidden fees or costs that may be included and choose a processor that will provide extended support on products.
- Train your staff: Be sure to develop a training plan so that your employees become familiar with EMV and how to use an EMV terminal. Training employees on EMV will be imperative, as many consumers will be confused at first on how to pay with their cards. As a result, having a knowledgeable staff will make a world of a difference for your business, as they will be able to assist consumers with their transactions.
EMV can be quite confusing to understand at first and many small businesses are still not convinced on why they should implement EMV capable products for their company. By following the above checklist for EMV, small businesses can begin learning and preparing their company and staff now on the benefits of EMV and get a head start on the liability shift occurring this fall.