More Chip Cards in Circulation Means More Opportunity for Restaurant Owners to Incur EMV Chargebacks
Since the EMV “liability shift” occurred in October of 2015, the sky didn’t fall, but money is falling out of the pockets of business owners who haven’t yet updated their POS systems to accept EMV payments. For MasterCard transactions alone, four out of five consumers in the US are presenting EMV chip cards while making a purchase. In contrast, only about 30% of merchant locations have the ability to process EMV transactions.
For restaurants and other business owners, When chip cards are presented and the merchant doesn’t have the technology in place to process an EMV transaction, this means that the liability for certain fraudulent transactions is resting squarely on the shoulders of the business owner. Considering that most credit cards now have EMV chips on them, the potential for restaurants to incur this liability is significant.
If you are not processing credit cards through an EMV system there are options available! Implementing EMV processing will reduce the possible financial loss associated with the liability shift, and show your customers your commitment to keeping their card data safe.
Give Cervion a call and we would be happy to meet at your restaurant, learn about your business, and determine the best EMV solutions available. We’re proud to say that MobileBytes, our iPad based Restaurant Point of Sale system, was an early adopter of EMV technology. We can help you process EMV on a variety of platforms, and look forward to helping you achieve peace of mind when it comes to EMV credit card processing.
Read MasterCard’s August 3rd Press Release on EMV Penetration.