SalePoint, a company delivering innovative technology solutions to businesses for over 34 years, has found that businesses are open to fraud and chargebacks simply because they didn’t realize they were not EMV and PCI compliant. What is EMV and PCI? EMV is short for Europay, Mastercard, Visa and is the security technology used worldwide for payments. It more commonly refers to a credit card with a smart chip. PCI is short for Payment Card Industry Data Security Standard or PCI-DSS. It is a set of requirements to ensure that companies that process credit cards maintain a secure environment.
Updating your technology to a new point of sale (POS) with integrated credit payments can help your business become compliant and save you money. Many card authorizers will charge a non-compliance fee that can cost several thousands of dollars each year. Using EMV payment devices also reduces your business’s risk of fraud and chargebacks.
A new POS integrated with updated EMV compatible payment devices can limit the liability you may face. Having an EMV device that is using end-2-end encryption can protect your business from inadvertently storing card numbers and from unwanted hackers. These types of breaches can put your entire business and livelihood at risk.
Newer payment devices also allow customers to use different forms of payments. Many are NFC (Near-Field Communication) compatible allowing customers to process touchless payments simply by waving their credit card over the payment device or pay by phone using Apple Pay or Google Pay.
Making sure your business is EMV and PCI compliant should be on the top of your to-do list!