October 1, 2015

EMV is here! Are you ready to go?


credit_card

 

The EMV deadline is here, and more and more customers are seeing changes in how they pay at retail and restaurant checkouts across the United States. What’s the big deal about October 1? This is the date that liability for fraudulent charges on a credit or debit card shifts to whichever party offers the least payment security.

 

In most cases, this will be the retailer – a recent study by Javelin Strategy & Research indicated that only 25 percent of retailers would be prepared by October. If you’re among those prepared retailers, your customers might be a bit taken by surprise. Be ready to help them through the process, as they might be thinking some of the following.

 

What? I have to leave my card in the machine?

We’re all used to a quick swipe of our credit or debit cards when paying at a store or restaurant. “Dipping” a chip card, as it has become affectionately known, requires that the purchaser leave their card in the machine while it creates a unique transaction code, which prevents would-be thieves from capturing payment information to use again.

 

This is taking forever!

Verification of payment data and creation of the transaction code can take a little longer than the traditional swipe process. Customers should be coached to leave their card in the machine, as the transaction could be rejected by the system if a fidgety customer tries to remove the card too quickly.

 

Well, that wasn’t so bad!

Just as few of us ever have our credit cards imprinted when paying for goods or services these days, in 10 years swiping our cards could be a fond memory as well. As more retailers implement the chip card readers, customers will find the process more commonplace. Your organization might not be ready to accept chip cards, but as you work toward that goal, be prepared to train your stores’ staff to guide customers through the process and ensure a smooth transition for all. 

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