Gilmore girls are back! Is the Dragonfly Inn ready to accept chip cards?
A lot has happened in the nine years since the last season of Gilmore Girls aired—including the coming of EMV chip card technology to the U.S. When a new season of the beloved show comes to Netflix this November, the Dragonfly Inn will need to be fully equipped to take EMV chip cards. In 2016, 68 percent of POS terminals in the U.S. are EMV ready. By 2018, industry experts have estimated that 94 percent of POS terminals will be equipped to accept EMV chip cards (Source: Mercator Advisory Group, NXGen Payment Services).
Don’t get left behind—and risk losing customers to your competitors who take data security more seriously than you do—by not adopting EMV technology. Let’s see how the folks at the Dragonfly—as well as all merchants—can be ready to take chip cards for the upcoming holiday season, and beyond.
Upgrade your technology to secure your systems
As of March 2016, 66 percent of credit cards used by U.S. consumers had an EMV chip, along with 36 percent of debit cards (Source: Vantiv; Socratic Technologies). By later this year, payments industry experts have estimated that 84 percent of U.S. credit cards will be EMV cards (Source: Mercator Advisory Group, NXGen Payment Services). These stats reinforce the need to make sure your POS terminals and payment systems are ready to accept chip cards so you can capture sales from as many customers as possible, as securely as possible. Work with your payments processor to make sure your business is EMV ready.
Upgrade your technology to please your customers
Accepting EMV chip cards will not only add security to your business practices, doing so will also increase your customer satisfaction. 2016 research from Vantiv and Socratic Technologies found:
- 61% of consumers say that any extra time that may be needed to use chip-enabled cards is worth the added security
- 59% of consumers say that they’ve had mostly positive experiences using their chip-enabled cards to make purchases at retail locations
- 50% of consumers say that they wish they could use their chip-enabled chips to make purchases at more retail locations
Keep your customers happy by proving to them that you take data security seriously by upgrading your payments technology to accept EMV chip cards today.
Train your staff
The staff at the Dragonfly Inn—as well as your own staff—will need to take some time to learn the ropes when it comes to accepting chip cards. Each associate who rings up sales and works the register should be totally comfortable with how EMV transactions work so they can help guide customers through the process. Here’s how an EMV transaction works at your POS terminal:
- The customer inserts the end of the EMV card containing the chip into the customer-facing PIN pad. The card remains in the PIN pad for the duration of the transaction.
- Depending on the setup of the EMV card, the customer may need to key enter a PIN to initiate the authorization.
- The authorization request is sent through the networks—similar to what happens with a magnetic stripe card transaction—and the response code is sent back to your payments system. With an EMV card, however, unique payment data is also created during the transaction that cannot be used for other transactions (if intercepted by fraudsters).
- Depending on the setup of the EMV card, the screen may prompt the customer to sign the touchscreen to complete the transaction. At this point, the screen will also alert the customer that it’s safe to remove the EMV card.
Once you and your staff are comfortable with how an EMV transaction works, accepting EMV chip cards will surely only serve to improve your business and your data security. And, of course, your customers will appreciate the steps you’ve taken to secure their sensitive data.