The last few years have brought a lot of credit card data breaches at various chain stores, exposing countless customers to hackers hoping to make some money using their victims’ personal information. As a result, more merchants are accepting EMV chip cards. According to CreditCards.com, 855 million chip cards have been issued to American consumers.
Reasons to Take EMV Chip Cards
While the number of businesses that accept these cards is steadily growing, some small businesses are still unsure about adopting the new technology. Take a look at these four reasons to take EMV chip cards at your small business.
Fraud Reduction
The biggest benefit of EMV technology is the reduction of fraud. Some statistics show that fraud related to counterfeit payment cards is down by nearly 40 percent. Another thing to consider is that card issuers such as Visa, Discover, American Express and MasterCard have stated that issuers and merchants that don’t support chip technology will be held liable for counterfeit fraud. As a small business owner, it’s good to be aware of the risks of not accepting EMV and how it can negatively impact your business. While new technology can be overwhelming, make it a point to pay attention to small business tech trends so you can boost your productivity and sales in 2018.
Convenience for Merchants and Customers
EMV technology allows pay-in-aisle options so customers can pay for their goods no matter where they are located. Consider a pocket-sized chip and swipe reader that will give you the flexibility to run your business from anywhere, anytime and from every device. This means you can sell things online, in-person and on the go and reach more customers so you can bring in greater revenue.
Customer Satisfaction
As a small business owner, one of the most important things you can do is strive to increase customer satisfaction. Customers appreciate EMV. A recent survey by NerdWallet found that 78 percent of respondents are pleased with EMV cards. Of the 2,000 U.S. adults surveyed, 47 percent believe the cards boost the security of transactions and nearly half said it’s their preferred method of payment. This method of payment doesn’t require the credit or debit card to be out of the customer’s reach, so it gives a sense of confidence that their information isn’t being compromised. There are several tools and software small businesses need to succeed. EMV chip cards are among them.
Stay Competitive
As a small business, you are probably used to the struggle of keeping up with other businesses. When you choose to upgrade to EMV technology, you are opening your arms to reach a broader range of customers. If you haven’t upgraded to this technology yet, it’s a good idea to do so in the near future. The cost associated with the upgrades is expensive, but as a merchant you face much higher costs if you get stuck with a bill for card losses as a result of an insecure payment method.
While EMV technology is intended to deter fraudulent activity, it is beneficial to your small business in a multitude of ways. It’s shaping the future of payment processing and becoming the standard worldwide. This is not a technology trend that will fizzle out. If your small business has yet to jump on board, the time to do so is now.
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