Keeping Up-to-date with EMV
In a world where technology is constantly evolving, the way we pay for things electronically is too. The shift towards EMV, also known as Europay, Mastercard, and Visa is a model already adopted by Europe and will be taking effect all across the country in October of 2015. The technology is designed to authenticate chip card transactions in an effort to protect card uses from the ever increasing threat of security breaches and card fraud.
This update in payment security will help protect its users against all types of fraud while making it harder for the bad guys to access your money. The EMV technology will virtually ensure users that their financial livelihood is safe.
So, the question arises is – does my business need it? Well, there seems to be a lot of pressure from many merchant services that tell you its implementation in your business is not a want but a need. The fact is, EMV is not “mandated” until October of this year, and in most cases even terminals equipped with EMV slots aren’t ready for it. A few large corporations such as Walmart have been requiring customers to dip their card instead of swiping, but most retail businesses are still using non-EMV technology.
Once EMV is finally mandated by credit card companies such as Visa, Mastercard, American Express, and Discover there will be a small but noticeable liability shift for your business. For example, if someone comes in your vape shop today with a counterfeit card and successfully uses it you MAY not be liable. After October, you WILL be liable for any sort of counterfeit card successfully used in your business if you are not using EMV.
So you need to ask yourself, does my vape shop need secure processing methods to avoid these liability charges? In most cases, it is probably not urgent. However, as more businesses adopt the EMV secure method on the coming months, it is not a bad idea to start thinking about ways to keep up with this trend.
So, there is no doubt that EMV is happening and it’s happening quickly. However, it is something for your vape store needs to consider but not worry about. If you are in need for equipment for your vape shop, be sure to switch to Vape Store Merchant Services. We will set you up with a EMV compliant terminal at very little to no cost to you.