When you’re looking for credit card processing companies you can trust, one of the things you have to consider is the value of accepting EMV chip cards. While these cards are a relatively new development, you could be putting your business at risk by not choosing to accept them. Here’s why.
Stripe-Only Cards Just Aren’t as Secure
The cards that have only the stripe and not the chip are easier to falsify, hack, and otherwise breach security on, which makes them vulnerable to problems. With that in mind, it’s important to address whether your business accepts these cards. If you don’t take them, you could be putting both your customers and your company at risk of financial problems.
The EMV Liability Shift is Now in Effect
Some of the liability that banks previously had for fraudulent transactions has now been shifted over to merchants. If you don’t take EMV chip cards, and the transaction is fraudulent, you could end up having to pay instead of having the bank pay for the issue. That could really hurt your business, and increase your financial liability much more than you might expect.
Every Transaction Becomes Unique
With the EMV chip cards, each transaction gets a unique code that’s used only for that transaction. That way there’s much less chance of a card being hacked or the information stolen and used fraudulently. Your business doesn’t have the financial risks they would otherwise have, and your customers will also feel more secure about their transactions with your business.
Ready to take your small business payment processing to the next level? Get in touch with Dynamic Merchant Solutions today, and move toward having compliance with EMV chip cards to keep your business safe and protected.