As far as crimes go, identity theft and credit card fraud are among the most common and devastating to modern society. In fact, it costs taxpayers billions of dollars per year to help fight these crimes, and the trend is only going to continue. Fortunately, new technology is coming out to combat fraud in all its forms, and one of them is the EMV credit card machine. Working with new chips embedded in the cards themselves, these devices make it harder for hackers and fraudsters to commit these crimes by encoding the transaction.
When looking at the best credit card machine for businesses, EMV readers are by far the optimal choice regarding security for both the customer and the company. Unfortunately, many small businesses are not upgrading due to the cost of implementation. This is a mistake. Here are several reasons you need to update immediately:
Better Service for the Customer
As people become more aware of the types of fraud they are exposed to on a regular basis, consumers will seek out companies that help protect their sensitive information. This could mean that someday soon not having a chip reader could cost you business, as customers will refrain from using cards on less secure systems. Plus, it’s always better to protect your clientele as much as possible.
Reduce Your Liability
As banks and credit card companies make the switch to EMV chips, merchants are expected to do the same. That means that if you don’t upgrade and fraud occurs in your business, you may be liable for damages. The danger of paying a lawsuit is well worth the investment.
Some companies such as American Express are helping small businesses make the switch to EMV readers by providing education services and even financial support, including free credit card machines. Take advantage while you can.
As the future becomes more high-tech, merchants have to adapt to the changing landscape so as to protect themselves and their customers from new threats. EMV chips are a step in the right direction, so don’t get left behind.