Award winning news anchor, Chris Sommer of Dallas Texas KRLD, CBS Radio invited Richard Arther, Vice President of Sales with PayStar Consulting, to discuss EMV and how it will affect Merchants after October 1, 2015.
The new EMV, (Europay Mastercard Visa) chips that consumers are now seeing on their replacement debit cards is the new added layer of protection designed to make it more difficult for security breaches to take place.
How does it work?
There is a one-time string of characters that are generated each time the card holder makes a face-to-face purchase with their new EMV card. Once the transaction is complete that string of characters will never be used again. Some issuing banks require the card holder to also enter their PIN, (personal identification number) as another layer of security.
How does this affect Merchants?
In the past if a cardholder was a victim of fraud they would contact their bank, file the appropriate fraud documentation and their bank would reimburse them within a few days for the unauthorized purchases. Now, if there is a breach and the Merchant swiped the card using the magnetic strip vs. using an EMV reader the business owner, as of October 1, 2015 is now liable for reimbursing the card holder.
There is a rippling affect that can further hurt Merchants financially. A great percentage of the card holders that experience the security breach at small to medium sized stores never go back again. The Merchant’s online reputation with bad reviews can be damaged as well.
It’s not worth it to play Russian Roulette with your business. Contact PayStar Consulting at 469-521-9356 about getting your EMV credit card terminal. Protect your Customers and your business!
Click below for the full interview: