The EMV countdown in on, with the first “official” batch of cards rolling out in less than three months. However, barring a miracle, many merchants and their POS systems may not be ready. Upgrades are giving merchants and their processors major headaches, as they are taking longer, and taking up more resources, than originally expected.
In a recent online survey, 77% of merchants stated that their slowly updated POS system is keeping them from consistent customer service. Even so, 68% said that replacing their systems completely would take too long and would be too costly. While true, there are things that merchants can do to make sure that their POS systems stay consistent, even in times of change and turmoil. Smaller retailers can use tablets and smart phones to utilize a cheaper POS system, but this only works for small businesses. There is also much debate about the safety of mobile payment systems and contactless payment systems, so there is that. However, change can be good, if that change keeps your company secure.
Before totally changing your POS, contact your high risk merchant account processor. To accept plastic card payments, you must have a merchant account, and many of today’s top businesses are placed into the industry’s “high risk” category. While not all businesses fit into this category, you should still consider changing to a high risk merchant account if you may be on the verge of expanding, or accepting a large transaction rate, or have not-so-good credit. A high risk merchant account processor, like EMB, can offer you the services of traditional merchant account processors but with the added luxury of understanding individual industries, and their needs.
High risk businesses tend to incur a higher percentage of fraudulent charges, and if you have a faulty POS, this is more likely to happen. High risk merchant account processors can help you better understand your own business, and embrace the difference it may have when compared to other business. Everyone is different, and every business is different. Be sure before changing your processor that you ask questions and do your research, because this change can make or break your business.