When it comes to credit card processing, you have several options available to consider. An EMV terminal is one of the newer options, and it may be one of the more expensive options in some cases. However, there are clear benefits associated with using an EMV terminal, and you may want to consider seeking this type of terminal when you are setting up your merchant account because of the benefits it can provide.
Improved Security for Consumers
Identity theft and credit card fraud are major issues, and many consumers are well aware of how costly and damaging these issues can be if they are targeted in a crime. Many financial institutions have taken steps to minimize risk to consumers by using chips in credit and debit cards, but these chips must be used with EMV terminals. Those who are concerned about this type of crime may openly seek out retailers who use EMV terminals for their protection. Even those who do not seek them out may be grateful that you have taken steps to improve security.
Reduced Liability for Your Company
In October 2015, businesses may be held liable for some types of identity theft and fraud that are linked to their business. There is a considerable amount of liability that businesses may face, but they may not be held liable if they are using EMV terminals for credit card processing. There is cost associated with upgrading your merchant account to use EMV terminals, but the risk associated with liability can be significant as well. Whether fraud impacts one customer or hundreds, the liability that your business may face can be costly.
Interactivity With the Credit Card
Because the credit cards that are used with the EMV terminals have chips embedded in them, the chips can store detailed information on the user as well as consumer preferences. These can be relayed to provide the consumer with a better overall experience or a more personalized experience in many cases. This can hold true whether the business is a grocery store, a gas station, a clothier or some other type of business. This type of interactivity is not available with other types of credit card processing terminals.
While there are different types of terminals that you may use, EMV terminals are increasingly commonplace. Because of the many benefits they can provide, there are sound reasons why you should consider making a switch.