It may seem a ways off, but EMV is an important factor that merchants must take into account. From understanding the kind of equipment one can use, to aligning the proper tools to meet security mandates, merchants have a lot on their plate. An overwhelming amount of information is available, but undoubtedly many are still asking a basic question:
What are the next steps you may need to take?
What are the next steps you may need to take?
Many merchants are still left wondering what impact EMV will have on their business. While it depends on the setup of each merchant, you can use the following tips to begin preparing for the conversion to EMV:
- Begin to understand necessary equipment upgrades in an effort to reduce your exposure to fraud and lower your cost of PCI compliance
- Merchants must be able to accept contact and contactless EMV-enabled credit and debit cards no later than the October 1, 2015
- Depending on a your current device, an EMV-capable peripheral (PIN Pad, contactless reader) may be all that is required to be in compliance
- Delaying equipment upgrades could result in equipment shortages and interrupt your PCI compliance, which could result in the loss of revenue
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