In Senate hearings on credit card security held this past February, it became very clear that virtually everyone involved in the payment chain is responsible for protecting credit card processing systems. For example, up-to-date security must be provided by credit card issuers and banks. In addition, secure payments need to be properly handled by each credit card processor, payments need to be accepted in a safe manner by merchants, and customers need a way to obtain a new EMV® card.
Although the new EMV® chip and PIN system is not currently available throughout the United States as it is in other countries, it is coming. As a business owner, you will play an important role. To reduce the risk of fraud, you will need to accept EMV®-equipped chip and PIN cards, which are much safer compared to the old swipe-type cards.
EMV® Card Implementation and Cost
Although implementing the new EMV® credit card processor system might sound difficult, it is actually quite simple. To accept this type of secure chip and PIN card, a merchant account must first be established with the bank that will handle your credit card processing or one that handles secure card readers. With that done, a card reader is purchased to accept the EMV® cards.
While not exorbitant, there is a financial investment involved. Depending on the type of machine that will be used, the number of readers required, and details pertaining to your point-of-sale (POS) system, switching to EMV® card acceptance could cost anywhere from several hundred dollars to thousands.
Typically, the bank configures the POS terminal, which provides updates automatically and remotely and then ships it to the customer directly. As such, the transition to EMV®-enabled terminals is pretty much seamless. Upon receipt, you can begin accepting payments from customers that use EMV® cards.
Another possibility for EMV® credit card processing is through Chosen Payments. As an EMV® credit card processor, we offer secure and dependable payment processing for a wide range of merchants, including those associated with the food, medical, e-commerce, and travel industry, among others. We also offer competitive processing rates.
Chosen Payments has a new CPSP compliance program, which dramatically enhances security. Best of all, this program is completely free. If you currently accept credit or debit cards, EMV® credit card processing through Chosen Payments is an excellent alternative.