Are you EMV ready?
EMV credit cards have been around for years in Europe, and now they’re heading to the United States. Major credit card companies have already begun the transition to “chip” cards, and it’s estimated that approximately 70 percent of credit cards and 40 percent of debit cards in the U.S. will support EMV by the end of 2015.
What does that mean for your business? If your POS system isn’t yet EMV ready, it needs to be. Because the cards use a chip implanted in the card, rather than the traditional magnetic strip, it requires both different technology and hardware (chip cards are “dipped” rather than “swiped”) to read the cards.
Perhaps even more importantly, liability for fraud will shift on Oct. 1, 2015, to whichever party is the least EMV-compliant. That means delaying EMV readiness puts your business is at risk -- annual costs of credit card fraud are nearing $10 billion in the U.S.
Lucky for you, AerisPOS is ready for EMV. Here’s what you need to know.