By now, you are likely well aware of the EMV reader and the credit card switch all across the United States over the last several years. Perhaps you’ve even made the switch to an EMV reader or terminal at your establishment. But do you know what EMV is or what the full impact is on your business? Let’s take a quick look at what EMV means for your business and how eTouchMenu can provide practical payment solutions.
What is EMV?
Like many business owners, time is precious. You knew that you needed to be EMV compliant but what does it mean anyway? EMV stands for Europay, Mastercard, and Visa. These companies developed the software many years ago, which has been utilized in Europe since the early 1990s. The United States is one of the very last major countries to implement EMV technology (aka, chip cards) and to make the official switch across banking institutions, ATMs, and businesses.
Why is EMV important?
Credit card transactions made through EMV readers are incredibly safe and secure, compared to their magstripe counterparts. Each chip is very similar to a mini computer, and as it interacts with an EMV reader, it transmits a unique, one-time encrypted message per transaction. This has and will help to greatly reduce counterfeiting and fraud in card-present transactions.
How does EMV impact your business?
Have you heard the phrase, “liability shift?” Discover, Visa, MasterCard, and American Express implemented this liability shift for almost all merchants in October 2015. This means that today if someone uses a chip card fraudulently at your establishment and you do not have an EMV reader, it could be you taking responsibility for that charge, not the bank.
Additional security with eTouchMenu.
If this is old news and you’ve already invested in an EMV reader for your business, that’s great! If you haven’t yet, consider it. Either way, we know that payment security is important to you and your business, which is why we have a simple but revolutionary solution. At eTouchMenu, our devices are secured with P2P encryption and are also EMV ready. That’s extra security and peace of mind, all while creating a better guest experience at your establishment.
If you’re ready to take that next step in providing a secure and enjoyable guest experience, contact the team at eTouchMenu. We’ll answer any of your questions and work with you to find the best custom solution for your business.