The Two Reasons Why You Need A EMV Chip Card Reader For Use With Your Point Of Sale System
EMV stands for 'Europay, Mastered and Visa'. It is the little chip that is being placed on credit cards newly issued. The point of sale systems needed to read these chips is not the same as the old credit card payment system. So to use the new technology, businesses must upgrade their point of sale equipment to accommodate for the new chip. But the last thing many business owners want to do is spend more money on a point of sale system, so that may leave you asking 'Do I need to upgrade my system, or can I continue to swipe credit cards with the old'?
How does it work?
The new chip technology works by the payment data being read from the chip installed on the card, instead of through the magnetic stripe. By replacing the magnetic stripe, you decrease the potential for someone to replicate the card to use for counterfeit. The chip is a harder thing for hackers to replicate. The other way that the chip protects your transactions is that it transmits a different way each time a card is read. That makes it a dynamic, instead of static, way to transmit data. That leaves the ability to replicate much less possible. There are two key reasons why upgrading is essential for your business.
They are a good way to protect your reputation
As a business, your reputation is at stake when you take payment from an individual. If a person experiences fraud in a purchase made through your establishment, it will give them a negative impression of the sale whether it was your fault or not. It is essential that you, as the business owner, do all you can to maintain the privacy and protection of those who make purchases at your establishment. If you don't, you run the risk of leaving a lasting negative impression.
You may be held liable
The responsibility ultimately is going to be yours. There are laws that technically make you, as the owner of the point of sale system, liable for any fraud that happens. When a credit card is swiped through your establishment, the credit card companies have made sure that the fault will go back on you should something happen.
If the technology exists to ensure the safety and privacy of your customers, it your duty to take steps to ensure their trust. It is always best to make an investment that will foster your reputation instead of saving costs and taking a risk that your reputation can be tarnished.
For more information on updating to EMV chip card reader systems, talk with sale system companies, like Austech Weighing Pty Ltd.