How life is different after the EMV transition
The EMV transition
EMV is essentially the 2.0 version of credit cards in the new cyber-security era.
October has been a wild ride with merchants desperately trying to switch over to EMV devices and readers as merchants now become reliable of fraudulent charges if they aren’t using EMV capable devices. October 1st was the launch date of this implementation and card companies have been scrambling to arm their customers with chipped cards.
And so far, things have been interesting. Many businesses so far have been using chip processing units and are getting used to the new function of inserting cards rather than swiping it. It’s a new way of working this technology and it does take some getting used to. Some devices allow you to swipe EMV chipped cards but other devices force you to insert the card. Once the card is inserted, it will take a moments time to declare if the transaction was successful or not.
How business owners feel about EMV
The feedback about the EMV devices have been very mixed. Some of the customers believe that it’s a hassle and that if hackers truly wanted to hack your card they can at will. Other business owners believe that it truly serves a purpose and that your credit card information is a lot more protected. Protection and security has been a hot topic and any technology that helps protect customers a little more can go a long ways in delivering some sort of comfort.
One customer of iConnect even went as far to say that they are seeing more business ever since they started carrying EMV processing devices. Customers found comfort in shopping at the store since they provide a safer method of transaction.
We also witnessed companies such as Target adopting EMV technology early on as their recent scandal with credit card hacking made headlines. Having credit card information compromised is one thing that your business can’t afford to do as your business will lose a significant amount of sales. It’s a huge cause and effect situation.
But understand that not everyone is using a credit card that is fully equipped with EMV. As a matter of fact, only about 60% of card users will be converted to chip technology by the end of the year. But that still equates to hundreds of millions of users. So in the grand scheme of things, more than a majority of people use this technology but be wary that you will occasionally see people without chipped cards.
EMV technology has been around for awhile now but October 1st has truly been the turning point in the 2.0 world of credit card processing.
For more official information on EMV technology, please visit Visa’s link here!