The EMV Deadline Might Be Pushed Back, But Should You Wait Until 2020 to Invest?
Investing Now vs. Waiting Until 2020
Although Visa decided to move it’s EMV compliance requirement back from 2017 to 2020, does that mean you should wait to install EMV-enabled payment terminals in your store?
While EMV-enabled payment terminals will certainly help you avoid liability if your customers’ credit card information is stolen at your store, it’s certainly not the only benefit of installing the new equipment. EMV terminals are an important investment in the short-and long-term growth of your business.
Since most big enterprises have already made the switch to EMV-enabled terminals, fraudsters have started targeting smaller companies that have not yet taken advantage of EMV technology. You can protect your business through fraud prevention because if fraudsters see you’re still using payment terminals that rely on magnetic strips instead of chips, your business is more likely to become a mark. And once it becomes known that your location’s payment terminals or dispensers were hacked, customers will be less likely to visit your store, potentially causing a decline in sales.
On the other hand, if you choose to implement EMV technology early on, you could see a boost in sales. Consumers have become aware of the additional security that EMV-enabled terminals and dispensers provide – and they’ve started to prefer them. If they know your store offers these terminals and dispensers, they’ll be more likely to choose you over a store that’s still relying on magnetic strips. By the time your competitors make the switch to avoid missing the deadline, you’ll have already built a large and loyal customer base.
Get Ahead of the Competition
The key to being a successful business owner is always staying ahead of the competition. If you choose to wait until the 2020 deadline to implement EMV-enabled terminals at your store, you give your competitors a leg up. But by taking advantage of available technology to protect your customers from fraud, you make your business more valuable than that of your competitors. You make your business a preferred choice for your customers today – and tomorrow.