It has been over a year since the official EMV liability shift took place. The deadline, October 2015, signaled that businesses and retailers that don't have EMV in place will be liable for the costs of fraud, and not the financial institutions that support customer payment cards.
This was a big deal for the retail industry, as well as for any company that accepts credit and debit card payments. The shift represented the push that many organizations needed to invest in upgraded, EMV compliant point-of-sales systems.
And while adoption is still underway, there's one more factor to consider here: your customers. The official liability shift isn't the only reason to put EMV payment processing in place. Your customers will appreciate it as well! Let's take a look at just a few of the reasons consumers will thank you for enabling them to use their chip payment cards:
Dip or swipe?: Eliminate confusion once and for all
By now, we've all been on the receiving end of this situation: You approach the register, ready to pay for your merchandise. The cashier tells you your total, but when it comes time to pay, you see that the payment terminal accepts both swipe or dip, EMV-supported transactions. So should you swipe your card, as usual, or use the new dip slot for your EMV chip?
"Customers will thank you for eliminating the awkward confusion that can take place at checkout."
According to CBS, this scenario is more common than ever, and can be incredibly frustrating for customers. Currently, there are 5 million EMV-compliant payment terminals at American retail stores, but only 1 million of those accept chip payments.
If your store is EMV ready, you may have to coach your customers for their first few transactions ("Feel free to insert your card into the chip reader at the bottom of the terminal instead of swiping."), but eventually, they'll catch on. And they'll thank you for eliminating the awkward confusion that can take place at checkout.
Ensuring security: A step forward for data protection
Most customers are beginning to understand the need for more secure, EMV chip cards. Besides receiving information about the new chip feature from their bank or financial service provider, many consumers have heard stories about point-of-sales malware, retailers under attack by cybercriminals and the potential that exists for compromised customer payment cards.
For these reasons, providing support for EMV payment card processes can signal your business's commitment to your clients' data security. While many card holders know that EMV chip cards are safer and can help better protect their personal information, they may not know the details behind the new payment processing technology, and that's OK. But you'll know that by accepting EMV chip cards, you're helping to put in place a multipronged payment card security system that seeks to eliminate fraud. According to EMV Connection, EMV boosts the security of payments by authenticating the card itself, the cardholder, as well as the individual transaction, and it makes it nearly impossible to duplicate a card for counterfeit activity.
Overall, EMV payment processes has much to offer today's retailers and service providers. Although the shift in liability is as good a reason as any to make the transition, the appreciate of your customers is another compelling factor to keep in mind.