I’m sure by now, you’ve noticed that chips come standard on debit and credit cards. You’ve also probably been annoyed by the whole “insert or swipe” dilemma at the checkout stand. Well, the truth is, these chip cards are here to stay: and they’re worth the extra time in line. These cards have huge benefits. Most significantly, they prevent fraudulent transactions due to their tamper-proof materials and high security features.
EMV, which stands for Europay, Mastercard, and Visa, is a global standard for credit cards that dictates the use of a chip instead of a magnetic stripe. This new technology is all around us, and compliance should be on your mind as a business owner who accepts credit and debit card.
Are you freaking out because you’re not sure about EMV compliance? Don’t. We’ve compiled a brief list of the basics for EMV compliance in 2018, as well as some great resources for diving deeper into EMV compliance, so you can brush up on your knowledge and make an informed decision for your business.
Europay, MasterCard, and Visa are the three companies that founded the organization which created the chip card. By establishing these new standards, they intended to shift liability for fraudulent activity, and reduce their losses due to fraud. Originally stared in Europe because of exorbitantly high international call rates, the EMV standard eventually moved to the US, where credit card fraud has been a major issue.
There are several benefits to using and accepting chip cards:
- Chip cards use authentication of dynamic data generated by chip cards, smart phones, and EMV compliant devices to protect against counterfeit fraud.
- Better risk management parameters at the card level and when using a PIN
- Provide protection against lost and stolen card fraud
The biggest benefit other than increased security for your customers: shifting liability away from your business for fraudulent charges. As it stands, if your business isn’t EMV compliant, the card issuing companies can hold you accountable, and you can be susceptible to hefty chargebacks.
What Happens if My Business isn’t EMV Compliant?
There isn’t a law that mandates EMV compliance; you’re not going to get arrested if you’re still using older devices and accepting magstripe cards. You are, however, putting your business at an increased risk: your business will automatically be held responsible for fraudulent charges made by someone using a chip card. This becomes especially dangerous for businesses processing big-ticket items for higher amounts.
Ultimately, EMV compliant devices and Chip cards are here to stay and will remain a central component of the payments industry. For a complete guide of EMV compliance, debunked myths, FAQ, and other training guides, here are some resources from our latest integration partner, Vantiv.
CHINO HILLS, CA – January 17, 2020 – UpdatePromise, a leading consumer experience provider for automotive dealers, insurers and repairers throughout North America, recently announced it has published its Merchant Payments solution on the Fortellis Automotive Commerce...read more
CHINO, California – January 16, 2020 – UpdatePromise announces their debut into the Service and Repair Financing space with its new UpdatePromisE-Pay financing option. The soon-to-be-launched Finance Feature provides Auto Dealers, Collision Centers and Auto Repair...read more
CHINO, California – January 15, 2020 – Mitchell International recently announced that it has partnered with UpdatePromisePay powered by UpdatePromise to be their Merchant Services Provider for Mitchell Cloud Glass. The integrated payment solution is set to launch...read more
Status Updates Can Improve Customer Satisfaction Rating By 10%
Informed customers are happy customers
Automated status updates ensure customers are kept informed during the service lifecycle.
Automated two-way communication
Reduce inbound and outbound calling between service writers and customers with real-time status updates via text messaging and email.
Available analytics in real-time provide realistic target date and time on all delivery promises. Customers are able to schedule and plan their day more efficiently.
The first 24 hours are crucial for retaining customers
Texting is 10 times quicker than phone calls – by the time you make one call to a single customer, texting would have enable an effortless communication with 10 customers.
The essential truth about retaining customers is the way you are able to keep them engaged. As the old saying goes – the best way to grow your customers is not to lose them.