Starting October 1, 2015, businesses not accepting EMV may be held liable for costs associated with data breaches if the data breach, identity theft, and fraud are linked to their business. Prior to the EMV participation date, businesses were only liable for data breaches if they were not PCI compliant. As of October, non-EMV compliant businesses will be undertaking the risk of cardholder losses that have been assumed by cardholder banks in past years. There is typically a cost associated with upgrading terminals to an EMV capable device, but the ultimate risk of the cardholder loss liability can dwarf this expense. Office Depot Payment Solutions, powered by Company.com, has a free EMV terminal placement program to help minimize the expense of this conversion. Visit an Office Depot or OfficeMax store or Office Depot Business Services to learn more about the Office Depot program.
2. Building Customer Satisfaction
Identity theft is a key issue for businesses and consumers. When consumers use a credit card for a purchase, we are well aware of the costs and damages a security breach represents to all parties involved. Many financial institutions have taken steps to minimize risk to consumers by embedding chips in credit and debit cards. However, credit card terminal hardware must be configured for EMV in order to read the chip at the point of sale. Several major companies have endured security breaches and it’s not surprising that consumers are trending toward businesses that accept EMV. Europe has nearly full merchant adoption for EMV and, as a result, data breaches on in-store or proximity purchases are rare. Consumers who seek EMV will ultimately be grateful for steps taken to improve security.
3. Credit card interactivity
Business customers can enjoy a better experience as a result of information stored on the chip and captured by an EMV terminal. Since credit cards that are used with the EMV terminals have information embedded in them, the chips can store detailed information on the user as well as consumer preferences. This enhancement enables retailers to target what’s most important to the consumer, ultimately yielding higher retailer value to the consumer and potentially more loyalty. This can be applicable whether your business is a restaurant, retailer, grocery store, florist or gas station. This type of interactivity is not available with other types of credit card processing terminals or credit cards.
While there are different types of terminals in the marketplace, EMV terminals are increasingly commonplace. Office Depot has a variety of options to meet specific needs, including free terminal placement and modern state-of-the-art hardware. The terminals embody many additional features such as gifts and loyalty, time and attendance, and other business-related applications built directly inside the terminal. With the numerous benefits EMV terminals provide, there are sound reasons why you should consider making the switch.
To learn more about our EMV Terminals & Data Security services visit, services.officedepot.com, check out our in-store display or call one of our experienced agents at 1-866-755-1425. Source: Company.com
About the Author
Bill Wade is a serial entrepreneur who has founded or co-founded over 25 companies since 1989. Bill thrives on the success of others and started Company.com with businesses in mind. Company.com ranked #10 in the Business Products and Services category in the Inc.5000 for 2015.
All content provided herein is for educational purposes only. It is provided “as is” and neither the author nor Office Depot, Inc. warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein.
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