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Importance of EMV in Business
EMV is the new standard for secure payment processing worldwide. Beyond outlining a set of security standards, the new EMV cards use a “smart chip” instead of magnetic stripe to hold the necessary payment information data. Implementing EMV certified technology has no comparison, and here’s why…
To truly offer customers secure payment services, one must implement EMV certified technology. EMV technology in its simplest form moves away from easy to forge signatures to requiring the customer to input a PIN for authorization. The magnetic strip cards used in the U.S. are far easier to clone and therefore much more vulnerable to fraud. To make matters worse, businesses that do not have EMV certified devices can be held liable for some types of fraudulent transactions
EMV is built to handle the latest technology, including contactless and mobile payments. By implementing EMV certified devices, merchants will be capable of increasing both the security and efficiency of all transactions. Contactless payment technology is becoming increasingly innovative; with EMV certified devices any business is ready to handle the latest payment technology as it arrives.
EMV technology has been deployed throughout most of Europe and Canada, meaning visitors from those countries expect to be able to use their EMV cards at any place of business. Furthermore, the percentage of U.S. EMV transactions has actually increased year-over-year from only 0.26% to 7%. While the rates are low considering EMV payments represent 75 – 88% of all transactions in Canada and Europe, there’s clearly an upward trend which will continue to grow in the US. Thus, accepting EMV certified transactions shows customers that a seller values staying up-to-date with the latest tech and security which helps improve the overall customer experience.
Studies have shown that consumers are likely to spend more with contactless cards. Contactless generates higher spend and more total transactions. In fact, a study indicates a 30% increase in total customer spend with EMV. The same study found that after making their first contactless transaction, consumers spend 25% more online, 64% more abroad, and 20% more in recurring payments.
The advanced features of EMV-certified contactless payments come with the added benefit of innovative integrated loyalty programs. Consumers now consolidate their credit card and merchant rewards programs through platforms like ApplePay, MasterPass and SamsungPay, which means merchants can take advantage of the loyalty-building functionality of a rewards program.
With all this in mind, if a business hasn’t yet accepted the EMV, then there’s no time like the present to finally make the switch to EMV.Avoid being left-behind by competitors as they make the switch, choose Omni Integration to be a part of your transition!