If you ever turn on the news and pay attention to the news, you will see how credit card fraud has become a plaguing concern both among businesses and individuals. The headlines that you read in the newspapers prove that financial information of customers are highly coveted by the identity thieves and hackers with credit card details being the most valuable data which they can steal. In 2014 alone, the cost of credit card payment fraud rose to more than $14 billion in the US alone.
While the bigger retailers are taking the required steps to update their POS terminals to EMV credit card machine, the smaller merchants within the US are still lagging behind. If you’re a retailer who is still not sure about the reasons to make this immediate switch, here are few that you may take into account.
- Combat against identity thieves and fraudsters
If you don’t know what EMV credit cards are, they’re embedded with powerful chips which make unique details for every single transaction thereby making it tougher for the fraudsters to hack credit card details to create duplicate ones. The small businesses should have EMV-enabled POS system where there is a card slot to process the chip. The chip enabled terminal and the chip card form a system which reduces duplication and card fraud.
- A sense of security for the customers
The small businesses which have the technology to put up with chip-enabled cards usually provide a great sense of security for the customers. Since the credit card issuing companies have started disbursing chip cards, there is also a spread of education regarding the benefits of the same. Consumers have already started preferring the safer method of making buying decisions. Since no merchant wants their client to stay wary about using cards, they are taking resort to companies which offer EMV card readers.
- Avert paying any kind of liability costs
This rule has already started in 2015 October where the businesses which don’t have EMV-enabled systems will be held responsible for different kinds of fraudulent payments. In order to keep a small business successful, every single dollar counts. Why should you then put your money at risk when you know how you can avoid such liabilities?
- Seek financial help
It is true that the small merchants don’t have enough funds and financial resources as the bigger corporations and hence they often can’t take the steps to upgrade their systems like the larger companies. However, that doesn’t make it impossible for them because there are different resources available from different companies like American Express which help them make the necessary shift to EMV.
Therefore, if you’re a company which has still not shifted to EMV credit card payments, it’s high time you opt for the shift. If you’re a small merchant, you should seek advantage of the resources as this investment now will help you secure your near future. The expense that you make now is worth it.