Is your Point of Sale (POS) System compliant with EMV technology? If not, you may need to make some quick decisions as the law regarding EMV compliance is in place.
EMV compliance is regulated by a law that states the importance for every business to securely upgrade POS systems to accommodate EMV compliance and EMV chip cards. According to this new credit card chip reader stipulation, you simply won’t be able to avoid liability if and when something goes wrong.
That’s why if you do have a POS system, you will need to partner with a credit card processing service expert that provides state-of-the-art, compliance with multiple point-of-sale systems.
If you don’t currently have a POS system, and if you’re concerned about the cost, requirements, and maintenance support, you may be surprised about how the right service provider can simply work out these frustrating details for you.
But what is EMV anyway and what can you do if you need POS support or if your POS system is not EMV compliant? Let’s find out what you need to know about credit card compliance, what consequences you could face for not updating your technology, and how to establish an EMV-Compliant POS system.
Are you interested in establishing an EMV-compliant POS system? Contact Cornerstone Credit Services today!
What is EMV Technology?
EMV is an acronym for Europay, Mastercard, and Visa technology–which is the latest development of secure credit card payment methods. If you’ve seen the silver squares on a credit card, these are actually computer chips that accommodate the secure technology.
The technology is engineered to reduce customer fraud, as well as limit credit card and bank issuers’ liabilities for fraudulent payment chargebacks.
Ensuring an EMV-Compliant POS System: Why is it Important?
EMV technology and the credit card chip regulations are now industry-regulated standards enforced by credit card issuers and banks.
EMV compliance requires businesses to securely upgrade their point-of-sale (POS) systems to accommodate EMV chip cards. Without it, you won’t be able to avoid liabilities under the law requiring this of companies. Yet, many have not put into place procedures to meet this necessary compliance, and time is running out to get this in place.
If you currently have a POS system and have not implemented EMV-compliance, or if you’re a merchant looking to have a POS system and need EMV-compliance support, you’ll need to know how to establish an EMV-compliant system soon to avoid regulatory fines and liability.
Establishing an EMV-Compliant System
A POS that is EMV-compliant begins with:
- Selecting with a provider that understands modern POS technology. It’s critical to choose a partner that is focused on providing practical business solutions such as credit card, debit card, and gift card processing and secure transaction facilitation.
- Choosing a leading-edge POS provider with a long-standing, reputable history. A financial firm with a reputable history of success in the industry—and a strong staff and client base—will reduce your transaction concerns related to EMV compliance and help you to keep your business operating seamlessly even when you add new service offerings.
You’ll spend less time on payment processing concerns, and more time running your daily operations with success.
Working with the Right Provider
Cornerstone Credit Services was founded in 1999, and is a reputable, Alaskan-owned and operated financial services firm that provides a comprehensive suite of payment solutions, from credit card processing and point of sale (POS) solutions that are EMV-compliant.
Cornerstone’s flagship service called Clover offers smart, fully customizable POS systems specifically designed for modern merchants. Clover integrates online ordering, inventory tracking, financial reporting, gift cards, loyalty cards, employee scheduling, and the flexibility of virtual terminals into one, EMV-Compliant POS System.
Clover ensures a process-friendly transition to EMV-compliant POS systems that you and your customers will be able to use more easily and securely.
Are you interested in establishing an EMV-compliant POS system? Contact Cornerstone Credit Services today!