What do these three things have in common: Skinny, Bean, and Credit/Debit Cards? We all know what it is to skinny dip. No Sunday afternoon watching football with friends would be complete without a bean dip. And, as of October 1, your business will need to accommodate customers who want to dip their credit/debit cards.
By now, as a business owner, you should definitely have heard about the new EMV (or chipped) credit and debit cards that are being issued by banks. Standing for Europay, MasterCard, and Visa, EMV cards were designed as a more secure payment method that will help to combat in-person credit card fraud, as well as protect banks and retailers from the all-too-common data breaches that have harmed consumers and reputations, alike. This is the first time in decades there has been a physical improvement upon the security of American credit and debit cards.
Consumers are educating themselves about the new payment protocols at the same time as national retailers. And for a time, they will be able to continue to swipe their new cards. But the “dip” is the preferred method for both consumer and business owner. Only when a card is dipped, or inserted into the card reader rather than swiped, is the most secure transaction achieved. This is because, unlike the traditional magnetic strip credit and debit cards that store and transmit a card holder’s information, the chipped card generates a unique transaction ID each time the card is used. A card holder does not have to worry that their information has been stored on the servers of a business or the credit card processing company of that business, waiting to possibly be exploited by ill-meaning cyber criminals. Even with all of this seemingly good news, smaller retail and restaurant operations will likely need to be convinced of the necessity of upgrading their equipment by discerning consumers who do not want to be unnecessarily victimized.
A recent survey highlights this reticence of decision makers in small to mid-sized restaurants and retail locations to adopt the new EMV card reader technology. They cite both cost and customer buy-in as a significant block to upgrading their credit card processing equipment. We can lay to rest the notion that the American consumer won’t buy-in to EMV credit and debit cards because banks, credit unions, and other financial institutions have been issuing the new cards to their customers and members over the previous 12 months. And if we are being completely honest, the business owner who cites cost as a barrier hasn’t really begun researching how to protect both their business and their customers.
There is good news for those who have put off transitioning ahead of the October 1 deadline: First Data, a First Data® company, as one of the world’s largest credit and debit card processing companies, stands ready to help you and your company comply with the new EMV payment protocols. Afterall, if you continue to swipe rather than dip, your company alone will be held liable for any fraudulent purchases and the costs associated with them. With the changeover to the chipped credit cards, the banks will no longer assist or cover losses associated with fraud.
First Data, a First Data® company has a number of affordable EMV credit and debit card readers, as well as some of the industries lowest credit card processing rates, as low as .25%. And we can have you approved and accepting the new EMV credit and debit cards in as few as 48 hours. If you haven’t already, begin your transition to the new EMV card reader today. You’ll shield your business from exorbitant liabilities associated with fraud and data breaches, and you’ll inspire trust in your customers who will know you have their best interests at heart. Call or complete the form above today.