As the card processing landscape is changing from mag-stripe to EMV chips with new regulations and technologies, merchants are seeking to understand the impact of these changes on their businesses. Here are two common merchant questions about EMV card-present transactions.
Question 1: Will accepting EMV chip cards prevent data from being stolen at my business?
EMV chip technology adds a layer of security to card-present transactions. Therefore, merchants installing EMV card readers would be limiting liability for fraudulent card transactions. This EMV technology protects against one type of credit card fraud, often called counterfeit fraud. EMV-chip cards are designed to decrease credit card counterfeiting by making them more difficult to copy. Unlike magnetic-stripe cards, which … more
Credit cards are an excellent source of convenience for both consumers and retailers alike. However, due to recent, massive credit card data breaches, some individuals are growing less confident about using them. For retailers, many are concerned because of the millions of dollars that are lost each year to fraudulent transactions. Therefore, many retailers are not just switching to EMV-ready terminals to protect themselves from liability, but also to help their customers feel more secure when purchasing items at their stores.
While making the change to avoid becoming liable for fraudulent purchases after the October liability switch is important, it isn't the only driving factor. These cards are embedded with security chips that make it more difficult to steal customers' credit … more
Though your restaurant may serve excellent meals and provide the best customer service in the city, if you run into trouble with credit card fraud, your valuable business will be driven quickly away. Trustwave, a global payment card security consultant, conducted a recent study where they discovered that nine out of 10 incidents in which cardholder data was compromised occurred at small merchants. Of these, 52 percent were in the food service industry. Surprisingly enough, more than twice as many of these fraud attacks occurred as a result of card-present transactions rather than online sales.
Some of the reasons for certain security breaches occurring include operating on an unsecured internet network or using non-compliant, point of sale (POS) software, which … more
When the Payment Card Industry Security Standards Council (PCI SSC) was formed in 2006 to better oversee the changes in PCI security standards, it was commissioned to discover ways to continually improve payment account security. Within this framework, the PCI Data Security Standard (PCI DSS) contains the requirements all companies must adhere to to securely store, transmit or process customers credit card data.
Achieving this compliance can be challenging for many businesses.Yet, if your business does not follow basic security steps outlined in PCI DSS, weaknesses can be exploited and enable fraudulent access to cardholders' credit card data, according to PCI Compliance Guide.
If your business accepts credit card payments, you are … more
Managing vacation properties can be a tedious process of collecting payments, holding security deposits in escrow and transitioning funds back to renters as soon as the stay has ended. For properties that are rented frequently on a seasonal or year-round basis, this can get particularly painstaking. That's why we we extend DepositGuard, an escrow service, as one of the payment solutions we offer at Vantage.
Vacation rental markets naturally have a lot of clientele turnover. If you own or manage a dozen properties that are rented weekly, you may have hundreds of clients and renters in a single summer. Without a streamlined solution, that makes hundreds of security deposits and other payments to hold and process on an individual basis. You also may need to manage rental trust … more
One interesting new change during the switch to EMV cards for merchants and restaurants that accept tips is that the inserted chip card must stay in the terminal until the tip amount is put in and the transaction is complete. This change is made in an effort to lessen issues that occur with gift cards and prepaid cards regarding tip adjusting. However, Hotel News Now reports that there are basic rules all hotels, restaurants and retailers should be aware of that will go into effect after October 1.
According to Visa, when a magnetic card is swiped at a traditional terminal, the merchant is not usually liable as they are now. However, now when a chip card is used at a non-chip card compliant terminal, if the purchase was counterfeit, the liability has now shifted to that of the merchant … more
One of the more vital and difficult decisions a business can make is what provider it will utilize for payment processing.
To find the best provider for your specific business needs, consider a vendor's rates, service, terms, solutions and incentives before making any decision. In a Vantage's Merchant Poll Survey, we found that rate, meaning interchange and price structure, is the most important consideration for many businesses, followed by payment solutions and then merchant service considerations. However we always caution merchants with advice to not ignore the fine print. Being too focused on flashy marketing can lead to a bad decision. Always read the fine print legalese to avoid hidden fees and early termination fees.
"The best credit card processor is one … more
This survey consisted of 1,609 small business owners and covered the lack of awareness about EMV chip cards. The Los Angeles Times reports that 40 percent of the owners surveyed are not affected by this switch to chip card readers because they currently do not accept credit cards. Also, card-not-present merchant types, such as ecommerce or recurring payments and those that manually key phone orders are not impacted by … more
A St. Louis, Missouri-based retailer has now opted to let its customers pay in a "simple, secure and private way" with Apple Pay, according to the company's press release. Schnucks, which has 98 locations in five different states, has evaluated its business model and clientele to determine that shoppers at all its grocery stores can leave their wallets at home and utilize their iPhone, iPad or Apple Watch to pay in an easy and secure way. Payments Leader reports that Apple Pay uses tokenization, technology that replaces the 16 digit card number with a randomly generated 16-digit number.
"Credit card industry executives believe that tokenization is a new standard that is going to 'shift fraud patterns' in the future, successfully preventing retail hacking incidents that have … more
The process of starting a brick and mortar retail business has changed over the last several years, particularly when it comes to point of sale systems. Today, many customers expect a variety of payment channels and entrepreneurs want systems that include inventory and reporting functions.
"What it comes down to is this: In a well-run business, the point of sale is more than just the place where the money comes in," writes Steven Aldrich in Entrepreneur Magazine. "With the right equipment, it becomes your strategic service center, the place that will help you grow your business and keep your customers coming back."
With the rise of tablet technology, more devices than ever can be used as point-of-sale systems. The Verifone CLOUD POS, for example, is a cloud-based point of … more