Issue link: https://read.dmtmag.com/i/585738
31 Oil Prophets requirement to be conscious of is EMV specifications. Each component in your payment ecosystem must successfully complete testing and certifications designed to bring them up to speed on all things EMV. Aside from properly configuring equipment, it is also important to consider the effect EMV technology will have on the day-to-day operations of your establishment. Unlike credit cards, which have magnetic strips, EMV chip cards must stay in the payment terminal throughout the entire length of the transaction. Teach your staff how to spot the difference between the two cards in order to make the purchase as fast and simple as possible, and provide clear instructions for those customers who pay directly at the pump. This is especially important when dealing with patrons that are unfamiliar with EMV payment terminals. Myth #3: You will no longer be able to accept credit cards with magnetic stripes after installing EMV Magnetic strips on credit cards aren't going away anytime soon. Even though the number of EMV- ready chip cards is expected to rise over the next year and a half, many potential customers are still holding onto magnetic strip credit cards. Don't worry though – becoming EMV- ready doesn't mean you'll miss out on sales from customers with old cards. Simply instruct customers to swipe their magnetic strip credit card through the EMV payment terminal. In the event that it is counterfeit, the card issuer will assume responsibility for the purchase. Since chip cards will have magnetic strips of their own, businesses unprepared for the EMV liability shift will also avoid an unexpected drop in revenue. This will help to ensure that regardless of what type of credit card a customer wishes to use, you'll be able to accommodate them. Myth #4: EMV will protect your business from a data security breach Cybercrime continues to pose a major threat to retailers across the country. In 2014 alone, one billion records were compromised. So when it comes to online security, taking extra precautions is not only strongly recommended, it's an essential requirement. It is crucial for businesses to understand that implementing EMV is not enough to protect them from being hacked. Yes, it will keep your business safe from counterfeit credit cards, but that is just the tip of the iceberg when it comes to cybersecurity. In order to address other important issues, such as network security and access control, think about following the Payment Card Industry Data Security Standard (PCI DSS), which offers security guidelines for organizations that handle branded credit cards from major card schemes. Point-to-point encryption (P2PE) technology is yet another way in which businesses can sidestep the negative side effects of a data security breach such as financial losses and a damaged reputation among consumers. Myth #5: Small businesses don't need to implement EMV No matter the size, fraud is something every business must face. Many retailers, however, operate under the assumption that they are too small or have such a low average transaction value that no fraudster would ever bother to hack their security system. But in most cases, the opposite is true. According to a report from the Association of Certified Fraud Examiners, companies with fewer than 100 employees are particularly vulnerable to fraud compared to larger businesses. Although small companies are limited in the amount of resources they can allocate to fraud protection and detection measures, many businesses failed to implement anti-fraud controls of any kind. This includes installing an anti-fraud policy, formal management review procedures and anti-fraud training for employees, each of which would help to protect small businesses without costing a great deal of money. Since hackers tend to target less secure systems, the absence of a plan designed to prevent fraud places small businesses at risk of falling victim to a data breach later on down the line. While becoming EMV-compliant won't solve all of your security concerns, it is an important step in ensuring your business is safe from fraudsters. As September draws to a close, speculation regarding the impact of the EMV liability shift will continue to run rampant. Separating fact from fiction, however, can be quite a challenge for those unfamiliar with EMV. The five myths discussed above represent some of the most common misconceptions about EMV out there today. After learning the truth behind each of them, you are well on your way to determining the best approach to implement EMV for your convenience store or gas station. For further information contact: Scott Gordon Vice President, National Sales Petroleum T: 704 609 0564 | F: 770 206 5934 Scott.gordon@worldpay.us