Although not absolutely necessary for POS transactions, purchases made with EMV-chip cards offer notable advantages. For consumers, there’s advanced fraud protection. For merchants, an EMV-compatible POS processing system means there’s a significantly greater likelihood that they won’t be held liable if a fraudulent transaction occurs.
The Consumer Advantage
The security provided by EMV chips is based on a unique and dynamic number which is created when the card is inserted into a compatible reader. The chip generates a transaction-identification number that will only work for that single purchase. Any information stolen from the transaction is not reusable. This provides a new level of security for consumers when making a card-present purchase through an EMV-compatible POS system.
In addition to offering customers the attraction of increased security, an EMV-compatible system provides merchants with a direct benefit. With EMV-enabled POS transactions there is a much lesser chance of being held liable for the charges associated with a fraudulent transaction should one occur. The current liability standard points to the party who is the least EMV-compliant. Should a fraudulent POS transaction occur involving a merchant whose system is not EMV-compatible, there’s a good chance of falling into that category. Upgrading to an EMV-compatible system, such as the Clover POS System, affords merchants a greater degree of protection while also providing additional business advantages.
Do EMV-Compatible POS Systems Need To Be Hardwired?
Businesses benefitting from a mobile workforce taking orders and payments at customer lines, tables or off-site locations needn’t forego EMV-compatibility. Wireless readers designed by Clover Merchant Services are a good example of the many options enabling businesses to take EMV-compatible POS transactions to wherever the customers are.
Now Is the Time To Look Into EMV-Compatibility
If your business isn’t set-up to process EMV-compliant POS transactions, it can be to your benefit to explore the options. Many service providers offer desktop and mobile POS systems that can be customized to meet specific business needs. Merchant Account Solutions is a service provider offering a wide range of POS systems and their knowledgeable tech support team is a good place to begin your upgrade inquiries.