Integrated EMV compliant payment solutions have arrived. Booker + Clover Mini is the #1 Choice for Spa & Salon Business Management. Clover makes sure you’re covered with the best, EMV compliant payment processing solution on the market today… and Booker helps with everything else. Contact us here
EMV COMPLIANCE: WHY IT MATTERS
Could your old magstripe payment system be costing you money?
If you’ve been putting off upgrading to chip technology (EMV), you can end up on the hook for fraudulent charges. Read on to find out why upgrading to an integrated EMV payment system is essential — now more than ever.
Opt for Integration
Updating your payment systems is never an easy feat, but adding a chip reader can help solve more than just the fraud problem. With an integrated EMV solution, you can:
• Safely keep a customer’s card information on file
• Capitalize on monthly gift card sales, an average of $400 per month
• Generate revenue from cancellation fees
• Avoid costly human errors
The proof is in the percentages — Mastercard reported that among the top five EMV compliant merchants, fraud decreased by 60 percent. EMV chips are much more difficult to breach and reproduce, which means criminals have a harder time creating knock-off cards with stolen credentials. Consumers are starting to recognize EMV as a more secure way to pay and banks are replacing magstripes with chips on their new card.
Over the last couple of years, it’s become even more important for business owners to switch to a chip system, as you may now be liable for fraudulent charges under what’s been dubbed the liability shift. Previously, banks picked up the tab on the $5 billion of annual credit card fraud in the U.S., but now, if your business doesn’t employ EMV technology, you could be on the hook for any fraud that occurs at your POS.
Why Make the Switch?
Chip readers are far more secure than magstripe systems. In fact, the United States issues about 25 percent of the world’s credit cards, but is home to nearly 50 percent of the world’s fraud because of our outdated magstripe systems.