By the end of 2015, the EMV chip will be the standard in credit and debit card security. If your business does not have the capability of processing EMV credit or debit cards, you are looking to lose many of your customers and be open for huge liability issues with the existing ones. Some 600 million EMV chip credit and debit cards will be in use by the start of 2016. To maintain a strong competitive hold in the market place, the latest technology must be implemented; and if you are a new business owner, it is imperative to start things off right from the get-go. Do not wait! Your customers are already making the switch and so should you.
Here is a small checklist to make sure you are ready:
✔ Someone to take charge
Don’t assume that someone else is handling it. A meeting needs to be held to figure out who will do the research and purchase of the new equipment necessary for the update. Whomever is chosen should also educate everyone else in the business about the requirements, procedures and answer all questions.
✔ Ask questions
When deciding on a new payment system, write out all of your questions or concerns so that nothing is left unanswered.
✔ Don’t buy what you don’t need
Speaking to a professional who will help you in assessing your current equipment, and evaluate what needs are to be upgraded and what can stay. Elite Merchant Services has a very knowledgeable tech team to assist. Contact one today at 877-770-3322
✔ Finalize your business plan
Review the information you have obtained, and use it to finalize decisions regarding replacement, upgrading, and acquiring new equipment for your chip migration.
✔ How much more?
You’re almost there!
✔ Test
Test your EMV chip system to ensure it works properly. Confirm that it meets all certification requirements. Before rolling the new system out to your team and customers, make sure the process will be as painless as possible by learning the ins and outs of the system yourself and troubleshooting any potential hiccups.✔ Train your staff
Just like your products, an EMV chip system is only as good as the people who know how to use it. Training your staff is key! Cover what to do in the event of a card or reader malfunction to ensure everyone is on board with the changes and processing requirements.
✔ Install the new payment system
The final step to getting your business ready for EMV chip payment technology is to officially install the system in your business. Put up signs on all equipment to let your customers know where and how to use standard chip cards as well as contactless payment technology such as ApplePay, Google Wallet and Visa payWave.
By preparing for tomorrow’s payment technology today, your customers can be assured that transacting at your business is more secure. Get ready for the next generation of electronic payments, and help make payments safe through smarter technologies so your consumers, and you, can pay or be paid with confidence.
