Great ready merchants! EMV cards are coming soon, and you may think that they are prepared. Perhaps you have read literature from your processor, or read a blog posting like this one. Perhaps you have even Googled the term. While you may be ready for the change, your credit card processor might not be. Talk is cheap, especially when it comes to new technology. You need to make sure that you and your credit card processor are ready to accept EMV cards.
If this is not the case, you should seriously consider a change. While change is scary, it can also be good. These cards are proven to have far less hackings, which is great, but for those who are in an industry considered “high risk”, you really need a high risk credit card processor. Even though the hacking risk will be decreased, hackers are getting smarter by the day. Because of this, you need to make sure that your processor is prepared to deal with any fraudulent issues, and their chargebacks. If you have suffered a chargeback, you know how horrendous the fees are. If you have not, you are lucky. A chargeback not only costs you the funds from the fraudulent charge, but also a fee of up to 270% of the fraudulent charge. This can heavily damage any company, and it can sidetrack a company from making a profit.
You need to make sure that your processor – high risk or traditional – if prepared for the EMV change. Yes, there are always glitches with new technology, but card companies have slowly allowed the option change to customers over the past year. Processors should have been updating their systems, but some have not. Ask if they are prepared, and ask how. A good processor will not only be prepared, but can inform you of changes that have already been made. Not all processors are upfront, and this is something that all merchants should look out for. A good credit card processor is upfront with their changes, and if they are not, this should raise a red flag.