The Changing Landscape of Payments: How Coaches Can Keep Pace with Technology
Part 4 of 4: Smart Chip Technology
The final piece of this Expert Series is about Smart Chip Technology or EMV – Europay, MasterCard, and Visa.
You’ve probably seen this at some point recently: you walk up to the counter at the store to pay for your items and the credit card terminal is telling you to insert your card rather than swipe it. Credit card companies are sending you new credit cards even though your current one doesn’t expire for another three years – and this card has a funky looking metal chip in it.
This new technology is sort elusive to the United States, the late adopters, of this secure form of payment. EMV is an added form of security to your credit cards at chip-enabled store terminals and ATMs.
As of right now, not all merchants are EMV-ready, but that doesn’t mean coaches shouldn’t be prepared for this technology. The chip helps protect against fraud with card authentication, cardholder verification, and transaction authorization.
EMV will help prevent counterfeit cards by providing authentication during the transaction with validation using a dynamic cryptogram and unique transaction data. There are issuer-specific keys that are personalized to store payment information making it virtually impossible to replicate and complete a successful EMV payment transaction.
Since the technology is still so new to the United States, many people still don’t understand it completely. Is it really a more secure form of payment? The only way to truly know is by experience. The more it is used, the more we will know if it helps to prevent and decrease fraudulent activity.
If you are interested in accepting EMV, speak to your processor and ask about the updated chip reader device. Most United States retailers were supposed to be EMV compliant by October 1, 2015, however, fewer than half were ready to accept this new payment method by the deadline.
Currently, no new deadline has been established for retailers to transition, but that means merchants who have not geared up for EMV are now fully liable for any losses due to credit card fraud.
Coaches, as merchants you should be aware of these changes. The easiest way to become more educated and knowledgeable is to contact your terminal provider and ask about switching over to EMV technology.
Change can be troubling and new technology can be scary, but watching your business grow is exciting. When your business is doing well you feel accomplished and encouraged to do more and be more. Make sure you are getting paid for the hard work you put in to make your business the massive success you imagined. Stay up to date with technology and don’t fall victim to the habits of what you know best.
Whatever payment options you decide to accept, remember that keeping up with the changing environment is vital to the growth of your company. Don’t be afraid of change. Yes, it can be scary, but it can also be exciting and it will most definitely be rewarding.
We trust you enjoyed this series.
About the Author:
About Amy Zicolella: Amy joined the DirectPay team as Marketing Specialist in late 2015 with an extensive background in web marketing and social media coordination. Utilizing her degree in Business Administration and Marketing Integration, Amy has helped create a culture within the organization focused on an aligned mission: to provide coaches and other service professionals with seamless credit card acceptance, business development education and a more personal, dedicated relationship. Learn more at www.directpayinc.com.
The Expert Series is brought to you by choice Magazine as part of our ongoing efforts to bring opportunities for learning and growth to the coaching community. Delivered in four parts every two weeks, each series covers useful topics for business development and coaching insights, serving the needs of leaders in all areas and walks of life. Archived copies of the previous series can be found here.
