Running a small business efficiently is a tough job. But becoming liable for credit card frauds that might occur during business makes the going a lot more tougher. As the EMV chip cards come to the United States, it is time to prepare yourself for small changes that will only reduce fraud and boost your customer confidence at the point of sale.
Here’s your 4 step EMV liability shift checklist that you must get started with right away:
1. Educate yourself
With the US liability shift getting introduced, small businesses that are generally unprepared will face the risk of scams. The best way to protect yourself and your business from this is to understand how the EMV chip card technology works, stay up-to-date with US liability shift policies and know exactly what to expect from chip enabled terminals or payment processors.
2. Create a robust EMV Enablement Plan
Look for a provider that can supply you with an EMV enabled card reader who can support contactless payments and traditional magnetic stripe cards. While the upgrade is important for securing your business, keeping the customer’s needs in mind is also a wise idea. Get a clear picture of the time, money and training necessary to ensure a smooth transition, and how the provider will help you with it.
3. Ask more questions
Hold a discussion with your payment processor and ask him questions around enhancing security and how they will help you reduce the point of sale transaction fraud. Some point of sale providers have integrated payment processing that simplify the transactions as well as save time.
4. Find what suits you the best
Gather price quotations from payment processors and assess the costs. The cost of upgrading to EMV point of sale technology can vary greatly based on the quality of the software, as well as the features, functionality and the level of support offered by the provider. While doing your research, keep in mind the reliability of the hardware, ease of use and the type of support that will be available to you right from the beginning of the transition.
And most importantly, lookout for hidden fees. Reliable POS providers will not just help you understand the entire process, but will also offer a transparent pricing model.
Time to protect yourself from frauds and get ready for a positive business year ahead!