The EMV cards, or what many people simply call “chip cards,” have gone out to most consumers who have credit cards through major banks. With that in mind, small businesses need to be ready to accept chip cards most especially this holiday season. Most merchants are EMV ready, but there are some who still don’t have everything lined up with their credit card processing company.
If your business doesn’t use EMV chip-enabled credit machines yet, transactions at your business will still have to be swiped. This means that your business is at risk for a higher possibility of fraudulent transactions. At Dynamic Merchant Solutions, we provide our merchants with EMV-capable credit card machines. If you want to start accepting chip cards today, contact us at 800-340-3671. For merchants who are not ready to switch to EMV, here are few tips that will help protect your business from fraud this holiday season:
Without EMV, ID Can Help You Reduce Risk
Fortunately, there are ways to lower the risk of problems with credit cards and your merchant processing company this holiday season. One of those ways is to push to get the EMV card readers installed. If this is not realistic for you with the holiday season already here, checking identification whenever someone uses a credit card can also help. If the ID doesn’t match the name on the card, stopping the transaction can reduce fraud. But there is another way to make things easier for merchants who don’t have EMV yet, too.
Doing Business Where a Chip Reader Isn’t Needed
Among the ways you can reduce fraud include asking people to buy from your business online or over the phone. That way the idea of a chip reader or chip card doesn’t come into play at all. The penalties don’t apply when it’s not possible to use the EMV technology, so making sure that customers buy in ways that can’t cause noncompliance can help protect you over the holiday season and make things easier. While it reduces protection for consumers, it raises protection for you, and that’s important during the holidays and all throughout the year.
Want to switch your business to EMV? Contact Dynamic Merchant Solutions today to get a free quote.