Do Not Fall for these Untrue Myths and Rumors about EMV!

Hard work pays off in the future but laziness pays off now” is a quote from a high school classmate’s shirt I will never forgot it. The easier option is always to worry about the now and ignore the work needed for a better future. The missing link to this quote is even though laziness may pay off right now, at what cost does your future have to pay? In the case of the transition to EMV, it could be a lot. (What is EMV?)

Ignoring the deadline for this mandatory transition is what a lot of businesses owners will end up doingwe know this, and are trying to help everyone we can. The entire payments industry is changing and it affects every business owner but when you have a complete nationwide transition from one technology to another, rumors begin to spread. Fear of the unknown sets in and with limited information, it is easy for a fast-talking salesman to use buzzwords and swindle you into a deal based on fear tactics.

We at True Merchant want to expose those rumors and myths, after all, you should know the truth!

EMV Myths & Rumors:

EMV-chip-card-reader

1. You will be charged a higher rates/fee if you do not switch: FALSE

If you happen to come across anyone telling you this, call their bluff. Scaring people into a decision by threatening higher rates is never someone you want to do business with. What you should actually be worried about as a business owner is the liability shift as that is where you will find your business losing unnecessary money.

2. You will be fined if you do not switch: FALSE

Your business will not be fined for not making the switch however your business could be held liable for any fraudulent activity. This is why the transition to EMV chip cards is taking place, to provide safer payment processing for both the consumer and business.

3. Charged additional fee to process EMV credit card: FALSE

A rumor that has been circulating is that your business will be charged higher rates for processing EMV payments. As a result, business owners who have heard this rumor are refusing to make the switch much like people who refuse to switch to the latest upgrade on their smartphone. Again, the switch to EMV is in hopes to provide safe payment processing for the business and consumer―and again, the switch is MANDATORY!

4. Completely solves the security / data breach problem: FALSE

The switch to EMV will significantly reduce fraudulent activity however it is not fool proof. A business owner’s safest bet is to accept EMV payments using a device capable of Point-to-Point Encryption (P2PE). With P2PE, payment card data is unreadable until it reaches the secure decryption environment, which makes it less valuable if the data is stolen in a breach.

Not everyone can offer P2PE, if interested, we can help! Send us an email!

5. The Deadline for a Business to Switch is October 1st: TRUE

We are approaching the deadline and a significant portion of business owners are completely in the dark about the transition to EMV. The deadline is October 1st, 2015. The countdown has begun and as of that date a large portion of the United States will still be processing using what would now be considered an outdated technology.

Do not be one of these businesses who ignores the October 1st date, this will only set you up as a target for fraud. If you have any questions about EMV and want the truth, we are here to help. Send us an email!

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