Partner content provided by Bank of America Merchant Services
The excerpt below is from a recent white paper published by Bank of America Merchant Services titled, “How to Prepare for EMV.” To learn more about EMV, view and download the full report, or contact a Bank of America Merchant Services business consultant.
EMV is coming to the United States. Approximately 95 percent of all POS devices in Western Europe are EMV-capable, and the United States is likely to attain a similar level of penetration when U.S. issuers promote EMV credit and debit cards.
This means it is time to make key decisions about your POS system.
By October 2015, your POS must be EMV compliant or you’ll face liability for face-to-face fraudulent card transactions that occur in your business. You may be inclined to weigh the costs of updating your POS against the risk of fraudulent transactions in your business or market segment. However, the question is larger than that. This may also be an ideal opportunity to modernize your POS systems for improved business performance, through the addition of services such as integrated loyalty programs, tie-ins to eCommerce, business performance dashboards, dynamic currency conversion if your business sees many foreign travelers, and other services.
Perhaps most important of all, this transition to EMV provides an opportunity to evaluate your payment processing service provider. The ideal payments acceptance partner will understand security issues and recommend the right EMV choices for your business, what kind of POS system is best for your business, and what POS additional services are available to enhance the customer experience and help improve overall business performance.
The EMV mandate is fast approaching. Now is the time to plan a strategy that works best for you.