Benefits of EMV to your Liquor Store
Stopping at a liquor or convenience store is supposed to be a quick and easy stop. Quick and efficient shopping is important to your customers, but don’t overlook the importance of security. Customer information should be just as high of a priority as a positive customer experience. Strive to evolve your business by keeping up with the newest, most secure payment options for your customers.
Keep Customer Information Safe
As a merchant, it is your responsibility to protect credit card data. One way to ensure customer trust and retention is to install EMV, or chip and pin, terminals at your business. While EMV isn’t required, it is an added feature your customers will come to appreciate. With increased theft and fraud, security is essential to all consumers.
What is EMV?
EMV are standard chip cards that help protect from theft and fraud. The technology has been in Europe for over a decade, and The United States has slowly begun making the switch. The new chip card assigns a randomized string of letters and numbers when someone inserts their card into a terminal so that the actual card numbers are not being transmitted during a transaction. Each transaction is assigned a different string of numbers and letters, adding an extra level of security. This keeps fraudsters from tracking or duplicating card information , ultimately preventing your business from loss, including a loss in customer trust.
Make the Switch
The biggest benefit to your business that the EMV terminal offers is the shift in liability when it comes to fraudulent activity. Without EMV, if someone came into your business and paid with a stolen card, the liability is on your business. With chip and pin, banks are now responsible for fraudulent activity made with a stolen card versus your business. Additionally, EMV limits your risk of chargebacks since the liability shifts to banks when you accept the chip card.
With the changing payment environment, the rise of mobile payments is becoming more popular. When you upgrade your terminal, you are more likely to have a device that accepts mobile transactions like Google Pay and Apple Pay. Mobile payments speed up the transaction process even more, further improving the customer experience.
Does This Mean I Can’t Accept a Normal Card?
No, making the switch to a new terminal does not mean that your customers cannot swipe their card. The new terminal just offers more payment options. Terminals are still accepting a magstripe, but they are also expanding to accept both EMV and contactless payments.
Updating your POS system to Clover, for example, can help your business and your customers. Clover’s app-based technology allows you to manage your business right from your register. Some key features include inventory tracking, sales history, employee time clock, and payroll services. Clover POS systems can help speed up the checkout process, putting the “convenience” back into your convenience store.
Boosting Cardholder Confidence
Your customers are aware of the benefits to an EMV terminal and feel safer when they run a transaction on a terminal that accepts that form of payment. Increase your business’ credibility with EMV-compliant equipment to ensure safe and secure transactions every time. As a merchant, you don’t want to lose business because your customers feel unsafe using their credit cards at your store. Restore confidence in your business by becoming an EMV-compliant entity.
Have any more questions about EMV? We would be happy to help answer them for you!
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