Processing EMV Cards Over The Holidays
This will be the first holiday season in the United States where merchants are required to have EMV compatible credit card processing terminals.
This new generation of chip and pin cards will dramatically lower the risk of fraud over the holiday season.
However, these EMV cards may also have a few downsides for Christmas time shoppers. For instance merchants can expects lines to be a bit longer because EMV cards take a bit longer to process.
What is an EMV card?
In case you are coming in a bit late to the game EMV stands for Europay, Mastercard and Visa. These are just the entities that use this new chip and pin security feature.
All new cards from these providers are equipped with chips that require a secure pin before the payment can be processed.
As of October 1st all merchants in the United States were supposed to have switched over to EMV compatible payment processing technology so that they can accept these new cards.
Fraud liability has also switched. Now, instead of the bank being held responsible or the credit card company merchants will be pursued for fraud charges on customers cards.
If you haven’t already you will begin to notice these chip and pin cards coming into your business. They look like ordinary cards except have gold chips on them. When you see these cards know that you will need to use a new payment processing terminal to process payments on them.
Get your business ready for Christmas and Boxing Day!
With the busy holiday season coming up businesses should be ready to process payments from EMV cards with new payment processing terminals.
Do not risk losing sales because you cannot process your payments!
Instead, make sure that your Christmas and Boxing Day sales are a success. If you contact NPC we will get you set up for the Holiday rush as soon as possible.