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Have You Made the EMV Switch?

Posted On: December 30, 2015 by ClubProcure in: Clubhouse Food and Beverage Pro Shop

October 1, 2015 marked a huge change in the club industry. After October 1, businesses who allow credit or debit cards need to update their terminals to accept EMV chip cards. Businesses that do not switch are exposed to assuming financial responsibility if a data breach or counterfeit transaction occurs. If you haven't made the switch to EMV accepted terminals, take a moment to read why the change makes sense to alleviate any worry about payment fraud.

What is EMV?

EMV stands for Europay, MasterCard and Visa, the three companies that originally generated the standard. EMV technology is a global transaction standard involving an embedded computer chip within a credit or debit card. This chip card generates a one-time code for every transaction. This code cannot be used again, and any stolen information becomes unusable. In the U.S. alone, annual costs of card fraud is estimated at $8.6 billion per year, and is estimated to rise to $10 billion or higher by the end of 2015. In countries where EMV technology has been employed, it has been incredibly successful in lowering counterfeit card rates. With the U.S. being the last major market to adopt this new technology over primitive magnetic-stripe card systems, the switch can not only help the U.S. combat this rising cost, but your individual business as well.

How can a business be deemed liable for fraudulent card transactions?

Merchants using non-EMV compliant devices that choose to accept transactions made with EMV-compliant cards assume liability for any and all transactions that are found to be fraudulent. This shift in liability can expose your club to unnecessary risk when customers swipe their EMV equipped card on a non-EMV compliant device. Switching to EMV compliant devices not only shows your customers you take their security seriously, but it also shifts liability away from you.

What can you do?

Your membership with VGM Club gives your club access to our preferred credit card processing partner, Transfirst. Transfirst is a full service processor with more than 20 years of experience in the electronic payments industry. Transfirst encourages clubs to upgrade to EMV-capable equipment to benefit from its security features and advantages. As a leading provider of secure transaction services and payment enabling technologies, Transfirst guarantees they will match or beat your current processing fees. They also offer easy invoice reconciliation, create essential financial reports, and much more! The deadline to switch has passed, but that doesn't mean your business is too late. Don't get caught on the wrong side of this liability shift, and future-proof your transaction processing. For more information about this program contact your VGM Club rep.

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