In our last blog, we introduced you to EMV cards, the new micro-chip enabled credit cards which have been used widely in Europe and which would soon be debuting in the United States. Of course, consumers aren’t the only ones who will be impacted by this technology. EMV USA has compiled several steps for merchants to put together a plan for making the transition to this new format a smooth one. Here’s a summary of this:
- Create a transition team—Any time you are making a large change in your business plan, a team should be implemented to look over each step in the process of your plan.
- Look at business drivers and incentives—Look into internal and external business drivers such as liability shift dates and the need to upgrade POS terminals. Also, find out if there are any incentives for early conversion that might make it more beneficial for your company.
- Outline all costs—Do not just take into account new equipment. Include things like training as an expenditure that you need to plan for.
- Consider basic day-to-day transaction changes—These can include things that will impact your business like potential fraud, changes to transaction time, keypad placement in your business, and how to handle potential problems like customers forgetting their PIN.
- Conversion—This will not happen overnight. Create a timeline of several months for gradual switchover, implementation, and testing.
- “Future Proof” your conversion—Do not just convert for the “now.” Consider other long-term conversion issues such as mobile payments, contactless interfaces, offline transactions, and hybrid readers which will make future conversions less painful.
- Do research—Read as much as you can on this topic and learn all of the terminology you can to know everything about the subject.
Getting involved with this conversion now makes good financial sense for your customers and your business. Following these steps and doing the necessary research will prove a must in making this a success.