It’s time for the restaurant industry to jump on the EMV train to accept chip cards. Your customers are going to expect this level of security when they eat at your fast food, quick service or table service restaurant, and as time goes by, card counterfeiters may identify you as a place where they can make fraudulent charges undetected. Don’t be that place. Here are three reasons why you should consider starting the process of converting to EMV today.
EMV Will Limit Your Liability
While there are upfront costs to upgrading your hardware to accept EMV payments, the long-term costs of not converting now could be higher. As of October 1, 2015, liability for fraudulent payment card transactions shifted from the issuing bank to the merchant if they didn’t have an EMV-compliant system.
If you don’t have EMV capabilities right now, you could be liable for chargebacks and fraudulent charges that go through your terminal. That means any amount that is fraudulent that is processed through your non EMV capable system, you have to pay back to the credit card company. The last thing any restaurant owner wants to do is pay the credit card companies more money.
EMV Will Make Your Customers Happy
Customers are beginning to think EMV equals security, and that sense of security is real. It’s been proven that EMV payments are more secure due to the unique data that is processed for each transaction, unlike the stagnant, unchanging number on a magnetic strip.
Generally, when you process a chip card, the credit card numbers bypass your point of sale, never getting entered into your system and go right to the processor, keeping your customer’s data out of sight from would-be hackers.
EMV Will Bring You into the Future
If your employees are still swiping credit cards to take customer payments, then your payment terminal is out of date. As the credit card payment landscape migrates towards chip technology and digital solutions like mobile wallets, you need to have the hardware that can process these payments.
The easier it is for your customers to pay, the better your customer service will be. There are also EMV mobile applications available so that your patrons can pay at the table or wherever they are in your restaurant or bar. Consumers are very open to these new mobile payment options so make it more secure for them by accepting chip cards.
Restaurants Need to Adopt EMV
Consumers are already using chip cards everywhere in the retail world where they present a credit card in person. Before you know it, they are going to start expecting restaurants to be EMV capable too. So, don’t put it off any longer, make accepting EMV payments in your restaurant, nightclub or bar a goal for this year.