Tuesday, March 3, 2015
EMV Cards are on the way - is your business ready?
EMV cards are the next step in credit card security. Instead of storing account data in a magnetic strip that can be swiped and copied, the data is stored in an electronic chip that encrypts the data uniquely every single time a transaction is made. No more stories on the news about how a minimum-wage employee sneaked in a skimming device and stole customer data. Ditto for ATMs and gas pumps.
Article from Forbes, reposted to LinkedIn - EMV Shift will change liability rules for fraud
Overview from BankRate.com
But the method to use these cards in transactions requires a completely different type of card reader to read the chip. Whether you run a permanent storefront, e-commerce shop online, or are a mobile microbusiness (think food trucks and festivals) YOU are affected and will need to make some changes soon.
Is your payment processor ready?
Square.com: If you have been to Food Truck Thursdays, you've seen and engaged in the payment processor Square.
EMV Overview from Square
Square devices capable of reading EMV cards are shipping this spring. Sign up for updates at the link above. Pre orders of EMV-capable scanners are available for a small fee.
PayPal Here: Their initial rollout to compete with Square was a tangled cluster and I don't know anyone who uses this variation of PayPal. But if you do, know that numerous searches have turned up empty for EMV technology. Methinks the EMV migration will be just as problematic as the initial swipe device rollout.
Intuit/QuickBooks: Intuit, the producers of Quicken and Quickbooks are promoting Point of Sale (POS) devices that are EMV ready. If you are using Quickbooks for your sales, check them out now.
For those of you who are strictly e-commerce focused, there won't be much to change. There will still be card numbers, security codes, and expiration dates that can be entered in your checkout software.
October 2015 is the drop-dead date for the conversion to EMV cards so start planning now!
at 9:51 AM