BACK

Business

Preparing your business for EMV migration

Summary

Follow these tips to get your small business ready for the switch to EMV chip-card technology.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Beginning Oct. 1, 2015, businesses without credit card terminals designed to take advantage of EMV chip technology will be liable for fraud losses. Here’s how businesses can prepare:

The EMV compliance race
With the deadline approaching for merchants to upgrade point-of-sale equipment, we look at how businesses are coping and what you can do to get ready.

 

  •   Contact your card processor to find out what you will need to do. If you’ve upgraded your terminal in the last few years, you might already have EMV-ready equipment but just need to turn it on. Or you might need new equipment.

   •   Shop around. There are many different kinds of plans, with a mixture of upfront costs and monthly fees. With businesses upgrading to EMV in the next year, prices are not expected to become cheaper than they are today.

   •   Consider software. Many businesses have software that ties in to their point-of-sale (POS) terminals. Ensure that the software is configured for EMV hardware.

   •   Think about training. It sounds simple, but customers with EMV cards will have to insert them into the credit card terminal instead of swiping them. Customers without EMV cards will continue to swipe them. Employees need to know how to accept these different methods of payment.

   •   Evaluate other anti-fraud measures. If a business is upgrading its terminals, it makes sense to consider other ways to reduce card fraud and data theft. Ask your card processor about additional services and technologies.

See related:8 FAQs about the new EMV credit cards, How soon should retailers switch to EMV?, How can I protect my point-of-sale system against security breaches?

What’s up next?

In Business

Payment options budding for legal marijuana businesses

Eager to profit from the fast-growing, legal cannabis market, some entrepreneurs are offering new payment approaches, but it is too soon to tell how they’ll hold up in the long term

Published: September 3, 2014

See more stories
Credit Card Rate Report Updated: August 14th, 2019
Business
15.55%
Airline
17.50%
Cash Back
17.63%
Reward
17.50%
Student
17.69%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.