The deadline for EMV is fast-approaching, yet many small businesses are still unaware of what this actually means.
In October 2015, all restaurants and other merchants will be subjected to new Europay, Mastercard, and Visa (EMV) standards. All magnetic-stripe credit cards will be replaced by chip-and-pin cards in an attempt to eliminate credit card fraud – a cost of $8.6 billion to the US last year alone!
What Do You Need To Do To Get Ready?
In short, local merchants need to be prepared for the changes to avoid headaches and even fines if you’re unable to process EMV-compliant cards.
The shift to EMV means many restaurants across the country will review their point-of-sale systems. If you’re a small operation, your transition might run smoothly, but large quick-serve chains will likely be hit as they have to upgrade thousands of terminals.
Get Started Now
To start the process, you should speak to your point-of-sale or payment card gateway representative as they can often guide in the next steps. You may have to upgrade hardware so it’s best to get the exact information so that you can know what expenses could be upcoming.