The use of bank cards has always brought about fraud worries and convenience issues. Europay/ MasterCard/ Visa (EMV) chip cards are revolutionizing the payment industry in the United States (US) and it is expected to undergo further changes in the coming years. With the advent of these innovative cards, both retailers and consumers should understand that they may finally sit back. This system has been designed to offer maximum security and convenience-two main features that are the driving forces for sales and customer satisfaction.
The advent of new technologies in terms of modes of payment has entailed a rise in the rate of financial frauds as well. A recent study established that over 2,000 data breaches has been confirmed in 2015 and since 2013 approximately 4 billion cases of stolen data were registered. The black market data about consumers has flourished in such a way that it has virtually become akin to a genuine economic system. More and more consumers and businesses are being victims of losses and it has become urgent to enhance technological applications and security standards to be able to create a proper safety net.
EMV helps prevent instances of card-present fraud by using a microchip to authenticate the card or cardholder. Since October 2015, retailers, and not payment networks, are liable for counterfeit card fraud if they haven’t implemented it. Yet, while the transition to EMV cards was a child’s play for big companies, smaller chains have yet to keep apace even one year after its introduction. J.D. Oder II, who boasts over 15 years in the payments industry at Shift4 Corporation (a payment gateway), gives some useful advice to powerless retailers on how to manoeuvre comfortably towards adopting this global standard. Here are four good answers to these frequently asked questions.
As the need for payment solutions in many industries arises, mobile technology becomes a huge role player in connecting retailers and customers. Mobile Point-of-Sale market is one portal that provides both the business owners and customers a more feasible way to keep the business running in terms of payment reception and processing. While MPOS cannot fully replace traditional POS, it has dramatically changed the way people do business and is expected to dominate a larger part of the retail industry.
Transition towards Europay Mastercard Visa (EMV) payment has entailed an inevitable tug of war between security and convenience. Both retailers and customers are seeking these two aspects but in a very subjective manner. While clients want to effect secure payment in an easy manner, merchants, on their side, are pressurized to offer convenient modes of payment while ensuring that they themselves are not victimized by fraudulent payments. If the right approach is adopted, neither has to be forsaken.