is now processing EMV cards at their point of sales terminals, an enormous amount of business continues to be conducted without EMV readers.Credit Card Terminal Retail & Mail Order Telephone Order (MOTO)įor retail face-to-face transactions an EMV credit card machine is a good choice. Still, the choice is up to your business and your risk tolerance. If you don’t have a history of processing credit card fraud, there is little concern that you might need to reduce your liability. Your history of accepting credit card fraud Still, the choice to reduce your liability is ultimately up to you and your management.Ģ. If less than 15% of your revenue is processed at a point of sale terminal, there isn’t much cause for concern. Your percentage of revenue that is processed at your point of sale terminal Before transitioning to an EMV reader, consider two things:ġ. You likely sell water, smoothies, and maybe some sports gear. Sure, you likely have a point of sale terminal or two. For example, if you own a gym, chances are the majority of your revenue comes from recurring billing.
To answer this question, you should assess your potential risk at your point of sale terminals. However, if your company does business at a point of sale, you’ll certainly want to consider whether obtaining an EMV reader is in your best interest.
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For them, software like what we built at PaySimple plays a huge role in managing their recurring revenue. For businesses that accept payments that don’t include a face-to-face transaction at a point of sale terminal, EMV technology is hardly a blip on their radar. Many businesses rely on online payments and recurring billing, and in such cases, EMV technology plays a minuscule role. Of course, this all pertains to point of sale transactions–businesses that rely on face-to-face payment processing (i.e.: retail). That is to say, a business may be found liable for a fraudulent transaction if they have not elected to transition from a magnetic swipe to the EMV technology. Magnetic swipe transactions rely on signatures at a point of sale, where EMV transactions rely on cryptographic algorithms.īanks and card issuers argued that this more advanced technology should reduce fraud and were successful in shifting the liability of fraudulent processing to the businesses. transitioned to EMV due to the fact that it is less susceptible to fraud. Why do business’s choose EMV Chip Card readers? This process makes perpetrating fraud much more difficult. The card and the reader agree upon a unique ‘password’ for this transaction. The reader locks the card in place and accesses our information. \With EMV, we insert a card into a reader. EMV has the same goal, but with a different approach. This reader processed the information on the strip and accessed the proper data and accounts. With the magnetic stripe on cards, we were accustomed to swiping our cards through a card reader.
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