Becoming EMV Compliant the Cheapest and Easiest Way Possible

Last Fall the PCI Compliance standards changed to require all Merchants accept EMV cards, Chip Cards. You may have noticed that many stores, while having various readers and devices, still ask you to swipe your card, if they haven’t just outright blocked the chip reader with tape or cardboard.

Many merchants are outright ignoring this mandate since:

  1. There is no law requiring PCI compliance.
  2. The equipment is expensive and still has reliability issues integrating with POS systems.
  3. They feel the standards are just going to change soon anyway.

However, every merchant services agreement demands that a merchant be equipped to take EMV chip cards or they face a shift in liability. This means that any merchant who does not use an EMV ready solution to take cards takes on all liability for fraud, chargebacks and data security.

This liability shift can be extremely frustrating to businesses who have operated without issue for years. One heartbreaking example was a client of mine who had a customer charge over a hundred dollars of product, sign a receipt in full view of a security camera that had a clear view of the clients face and that person swiping their card themselves, then proceed to do a chargeback, which my client disputed, but lost since they did not have an EMV chip reader despite it clearly being the cardholder making the transaction!

To make things worse this person then educated others on how to do the fraud!

To protect yourself you NEED an EMV reader. If you use a POS system, contact your software provider to determine hardware options, but don’t commit to buying anything just yet. Most major POS software developers have integrated solutions, but they depend on hardware drivers, software updates and firmware updates that can change quickly and make a $500.00 piece of hardware useless overnight.

A more agile solution is to use a side terminal. This sort of “out of scope” solution keeps your business current with PCI standards and does not depend on myriad updates to do so. When standards change, and they will, a remote firmware update or a replacement terminal is all that is needed, which is supplied with simplicity from a single firm.

NuGrowth Capital is pleased to offer these terminals to interested parties. Contact an adviser today at 855–758–6947

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