Now that the liability shift is in effect, merchant services providers are playing an essential role assisting merchants with the transition to EMV. With their help, merchants can get the products they need to upgrade to EMV solutions. Here are several important ways merchant services providers can provide EMV support for merchants:
Merchant services providers can add significant value to relationships with merchants by explaining the importance, timeline and benefits of EMV. As providers help educate merchants on EMV, they will be able to assist them with any future inquiries and become a fundamental source of information.
For instance, merchant services providers like Fitech Payments offer content on their website that covers topics on how EMV will directly impact merchants, statistical information with regard to EMV acceptance, and updates on EMV adoption. This valuable information helps educate merchants on what EMV technology is and gives them a better understanding on how to process EMV transactions.
As of October 2015, all companies without the ability to accept EMV cards are now liable for any fraudulent transactions. This has created an opportunity for merchant services providers to encourage merchants to make the switch to EMV-compatible hardware. Merchant services providers should be proactively assisting non-compliant merchants with the changeover and be available for additional support. Fitech Payments, for example, offers the latest industry-leading security solutions to help protect merchants from potential threats, including EMV-compatible terminals and products.
Another imperative aspect is that merchant services providers can offer the best setup for EMV for a merchant. They can provide expertise on how an EMV terminal would be set up and work in their store, explain the process of an EMV transaction, and—depending on their type of business—could recommend if the merchant needs a mobile EMV reader as well.
It can be challenging for business owners to find the time to learn the best practices behind implementing a new technology like EMV. However, by utilizing a merchant services provider, merchants can position themselves to become leaders in EMV technology—and a key resource to their customers. Merchant service providers should be able to assist merchants with critical pieces of the EMV strategy, including EMV education and support, as well as additional recommendations for upgrades. iBi
J. Boger Hessing is VP – Commercial Relationship Manager with PSB – Princeville State Bank, Member FDIC and Equal Housing Lender. For more information, call (309) 693-9494, email [email protected] or visit p-s-b.com.