ACCEPTING EMV TECHNOLOGY CHIP CARDS REPRESENTS A PROFIT OPPORTUNITY
EMV cards are chip cards that utilize EMV technology. EMV is quickly becoming the worldwide standard for credit and debit card payments. The acronym EMV stands for the developers of the technology – Europay, Mastercard and Visa. The microprocessor chips embedded in the cards retain and protect the data of the cardholder. In addition to enhanced security, chip cards based on EMV technology can generate cost savings. Some credit card companies like Visa are waiving certain fees for merchants provided that they execute a certain percentage of transactions through EMV technology. A more threatening form of cost saving opportunity is in Visa and Mastercard’s liability shift policy. This policy will hold merchants liable for fraud that could have been prevented with the use of EMV technology chip cards.
Aside from the fact that EMV cards are becoming increasingly prevalent and not accepting EMV chip cards represents a lost profit opportunity, accepting payments from EMV cards is a proactive step towards preventing fraud and avoiding the time and expense associated with proving fraud. Many business owners are intimidated by new technology and what it requires – financial investment, training, ongoing support etc. CardConnect Processing has a long track record of success with helping Fortune 500 and small businesses take advantage of EMV credit card processing. Contact us to free yourself from the stress of incorporating a new technology and enjoy greater profitability.
Ready to learn more? Call Us or complete the form on the right
Email