If your business does experience fraud and the liability that comes with it because you don't have EMV card readers, your business reputation and the trust customers have in you will suffer. There may be customers who are wary of doing business with companies that don't offer EMV card readers. A lack of protection can damage a business reputation.If your business wants to improve customer satisfaction by accepting credit cards, you should make the process the safest as possible. Customers prefer paying with cards, as credit cards are the most trusted and convenient form of payment.It's important for businesses to remember: It's ultimately still up to individual businesses whether or not they want to make the move to EMV card readers. Working with a merchant services partner that provides EMV-compliant equipment helps make the EMV chip adoption process quicker and simpler for businesses. In order for businesses to accept EMV chip transactions, EMV card readers must be certified as EMV compliant by the card networks and companies processing transactions. Protect Your Business With EMV Card Readers Auriemma states that counterfeit fraud claims have decreased for five consecutive quarters and are down 34 percent from 2016. The switch has helped those merchants who upgraded their equipment for EMV chip cards, where counterfeit fraud dollars dropped 70 percent in September 2017 compared to December 2015, Visa reports. That accounts for nearly 60 percent of American storefronts. A December 2017 report by Visa (the company that stands for the вЂњVвЂќ in EMV) found that the number of business with EMV card readers was 392,000 in September 2015, compared to 2.7 million merchants in December 2017. EMV Adoption by BusinessesДЄcknowledging the liability shift and wanting to better protect customers, the number of merchants accepting EMV chip cards has also drastically increased in the past two years. Customers who are concerned about security can ask the merchant before the transaction whether or not they have an EMV reader before using their credit card. Or, an employee who is checking someone out and is not familiar with dipping may swipe a card on an EMV-enabled reader. Businesses that haven't upgraded their credit card processing equipment may swipe a chip card because there is no other option. Still, the discrepancy between the number of these types of cards and the number of EMV chip transactions shows consumers and businesses are not always utilizing the chips.ДЇor example, consumers who are checking out at places like the grocery store may choose to swipe their EMV chip card instead of using dipping because swiping is slightly quicker. still lags, with most of Europe, Africa, the Middle East, Australia, and the rest of North America nearly fully adopting it.ДЄ November 2017 report by consumer payments consulting group Auriemma found nearly 90 percent of credit cards in the United States today are chip enabled. Compared to the rest of the world, EMV use in the U.S. The number of EMV chip card transactions for card-present transactions in the United States has drastically increased from 2016 to 2017, more than doubling from 19 percent to 41 percent, EMVCo reports. Let's take a look at the latest trends regarding EMV chip card use and dipping, EMV card reader adoption by businesses, and how EMV chip cards are affecting security. However, many businesses have adopted this type of equipment to protect their customers and their businesses.

In the United States, it is not a requirement for businesses to have EMV chip card-enabled equipment yet. If you've upgraded your equipment to accept EMV chip cards and are breached, the liability is lifted.Businesses that don't accept EMV chip cards but that are breached incur liability.EMV chip cards are more difficult to counterfeit compared to magnetic stripe cards.Instead of a swiping motion, card dipping occurs with the EMV card reader machine to conduct the transaction.EMV chip cards, including both credit cards and debit cards, use dynamic digital data to create unique encryption for each sale.The EMV fraud liability shift that commenced in October 2015 has brought about interesting changes for merchant processing and customer data security.

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