EMV Chip Readers
EMV chip enabled credit cards will be in use as of October 1, 2015. Find out what this means for your business and how ABC Global Systems can help you handle this change.
What Merchants Need to Know About EMV Chip Enabled Credit Cards
Credit card processing in America will be changing for the better as of October 1st, 2015. New EMV chip enabled credit cards will contain microchips that will reduce the ability of criminals to create phony credit cards they can use to make fraudulent purchases, by adding another layer of verification at the time of each transaction. The new technology is named EMV, after the three credit card companies that initiated the change – Europay, MasterCard and Visa. These changes go into effect for MasterCard and Visa on October 1st. American Express will join them on October 16th.
The good news for merchants:
Less fraud equals fewer chargebacks, which means you’ll save time, money and hassles in the long run.
The not so good news for merchants:
Merchants who fail to upgrade their payment processing equipment and unknowingly process fraudulent charges may be held liable for the charges. Prior to these charges going into effect, the banks held liability for fraudulent charges. After these changes go into effect, they may charge them back to the merchants who failed to upgrade their equipment.
Quick Facts About Cards With EMV Chips
- Cards with EMV chips will also include a magnetic strip like the older cards.
- Your existing reader will be able to read the magnetic strips, but not the EMV chips, so you are risking liability by continuing to use the old equipment.
- Because the new cards also have magnetic strips that can be read, you will not lose out on any sales while you are waiting for your new equipment.
- Transactions will take a few seconds longer because the new cards with EMV chips have to be “dipped” rather than “swiped” and the reader needs time to interact with the EMV chip. This may result in slightly longer lines and waiting time in your establishment.
- Some credit card issuing companies have already sent out new credit cards with EMV chips. Others are phasing them in. All cards will likely have them by the end of 2016.
- These changes are standard for the entire credit card industry, ABC Global Systems is doing our part to keep you properly informed and equipped.
If you have not already done so, contact ABC Global Systems to order your updated equipment.
Unlike some merchant services processors who are using this development to drive sales of new equipment, ABC Global Systems is looking to help our customers protect themselves from liability by offering free EMV chip reader terminals. The only cost to you (the merchant) is a one-time $69.00 programming fee plus shipping and handling, which can range from $49.00 to $69.00 depending on terminal model and location.
ABC’s EMV Upgrade Program
Whether you are an existing customer of ABC Global System Merchant Services or you are opening a new account with us, converting your equipment to be EMV Chip compatible doesn’t have to be expensive.
- Your terminal is free
- You pay a one-time $69 programming fee plus shipping and handling, which can range from $49-$69 depending on the terminal model and your location.
- That’s it!
Call now! 1-800-411-0203