1 - Fight Fraudsters
Chip cards generate a one-time code with every transaction making it nearly impossible to create counterfeit cards for use in stores.
As the EU has completed its migration to EMV acceptance, the region has seen an 80% reduction in credit card fraud while the US has witnessed a 47% increase.
Source: Discover Financial Services, 2013
2 - Build Customer Trust
Consumers are increasingly concerned with card data protection. Give them peace-of-mind when they choose your business.
In a recent survey of 1,011 American adults conducted by Vision Critical 2014, 64% were more likely to pay in cash due to recent security breaches and approximately the same number of respondents believed that a credit or debit card with an EMV chip would result in more secure financial transactions.
3 - Limit Your Fraud Chargeback Risk
As of October 1, 2015, new network rules mean merchants are more likely to be financially liable for fraud, lost/stolen transactions at their in-store locations without EMV compliance.
In 2015 that liability in the United States is estimated to total more than $10 billion.
4 - Ability to Accept New Payment Technologies
Accept mobile and contactless payments such as Apple Pay and Android Pay when you upgrade your terminal or POS system. Most new payment acceptance devices not only support EMV cards, but also process NFC mobile transactions, such as Apple Pay.
According to Deloitte, contactless transactions can be up to 25% faster than paying with cash. The speed and ease of the transaction can reduce time spent at the POS by 77%, while merchants benefit from a higher turnover rate.
5 - Improve Customer Experience at the POS
Allow customers to have a safe and seamless experience. Consumers also know that these cards will help them shop safer, so they will choose merchants who take this seriously and strive to sell safely via EMV acceptance.
According to a recent Aite Group report, 59% of retail locations in the US will be chip enabled by end of 2015.