October 1, 2015 is now behind us, and the EMV liability shift is now in effect. That means restaurants that have not implemented an EMV-enabled credit card terminal and POS solution can now potentially be held liable in the event of certain fraudulent card-present activity. In spite of the recent liability shift, some restaurant owners and operators have understandably been hesitant to install EMV-enabled technology.
Because EMV isn’t mandated or enforced by any government or security agency, it’s really up to the business owners to decide how and when to implement EMV. That said, there does seem to be a growing sense of urgency as industry professionals forecast that as more and more national chains implement EMV, criminals will set their sights on small to medium businesses who have not yet implemented EMV-enabled technology.
If you’re still not sure where to start on the journey to EMV-compliance, here are three important questions to ask your POS Provider:
How will an EMV-enabled terminal integrate with my current POS system?
First things first: you need to understand if your current system can accommodate an EMV solution. Will it be as simple as updating software to its newest version and integrating with new EMV-capable hardware or will it take more to get your legacy system EMV ready? Ask about which integrations options make the most sense for your operation. A bar or nightclub may have different integration needs than a fine dining establishment, for example.
How much will an upgrade cost?
Cost is, of course, going to be a very big factor in your decision. Ask about costs associated with both the hardware and the software required to make your establishment EMV-compliant. How will the new technology be installed and will you incur a separate implementation fee? On top of money, an upgrade will also cost you time. Ask your POS provider how long an upgrade will take. If you need help after implementation, is there a cost associated with support calls? Does your POS provider offer service plans?
Do you provide training?
Chip cards are processed differently than magnetic stripe cards. For example, chip cards are “dipped” as opposed to swiped. Tips are also processed differently with EMV-enabled terminals, so it’s important to educate staff, as well as customers on these new changes. If you end up having to completely replace a legacy system altogether, training will be absolutely necessary in order to go online. Make sure that you understand how EMV will change your operations for payment cards.
According to a Suggest that this statistic be updated have chip cards. And most industry experts agree that it will take at least five years for the U.S. to reach full EMV acceptance. If you haven’t made the transition to EMV yet, you’re not alone. It is important to transition to EMV, but just as important is ensuring you don’t rush to a solution that doesn’t fit the needs of your business. When it comes to EMV, working with a reputable POS provider can help you make the best decisions for your restaurant, your staff, and your patrons.
