Nationally, right at 48% of all small businesses are converted to EMV processing as of October 1. Fraud has been lowered across the US because of the EMV chip implementation. But, the rub right now is, the other 50% of merchants who are not dipping their cards and are still swiping are still incurring fraudulent charges. Because of these frauds, and because these merchants are swiping and not dipping, they are also 100% liable for all fraud cases that come through their doors.
Switching to EMV readers and processing will help your business to be protected from most fraud cards. And now, a new report out talks about account fraud, where crooks are buying peoples identity information for less than $5.00 and valid credit card numbers are available for $.22 a number.
Another statistic that has been discovered is that fraud is moving online. Online fraud is up and retail merchants who have an online presence are especially vulnerable. Using a valid web portal and encrypting your information both inbound and outbound will help you in keeping your fraudulent transactions to a minimum.
The two main barriers for small businesses right now to switch over to dipping instead of swiping are almost a non-factor now.
- Transaction times are dropping all the time and in December, two major suppliers of the EMV software are introducing updates that should cut transaction times in half for all purchases – almost in time for the Christmas rush this year.
- Programmers to help you get your terminals programmed and set up are caught up now. The backlog, that was 3-5 weeks for programming your terminal are now down to days. Greatly speeding up your experience to have the EMV implemented in your business.
For the small business owner, your exposure to fraudulent transactions is massive. If you are still swiping, you are liable for any and all fraudulent transactions that come through your business. For some, this can amount to thousands of dollars that many businesses would not be able to with stand.
When it comes to switch to EMV, United Card Solutions encourages merchants to go ahead and make the move. In the long run, it will save money, time, and worry, by reducing the implications of fraud liability. More information can be found at http://unitedcardsolutions.com.
About United Card Solutions
United Card Solutions provides small and large businesses with leading edge card payment solutions to help companies meet rapidly changing payment needs
United Card Solutions makes no representation or warranty regarding and accepts no liability for the accuracy of the content contained herein.
Company Name: United Card Solutions
Contact Person: Samantha Charles
Phone: (844) 838-3085
Country: United States