What is EMV? How can EMV cashless payment solutions help boost your business and improve your customers’ experience? Click here to find out.
As a business owner, you’re always looking for new ways to streamline your operations and make life easier for your customers. EMV card readers offer a convenient and secure cashless payment solution that benefits both your business and your customers.
What is EMV?
EMV stands for Europay, Mastercard, and Visa. These “chip cards” are the new standard in credit and debit cards. Equipped with an embedded microchip that encrypts data, these cards help prevent fraud. EMV enables consumers to pay in three different ways:
Types of EMV payments
EMV Contact – EMV contact payments require the EMV chip to be inserted into the card reader.
EMV Contactless – EMV contactless payments allow the consumer to simply tap their chip card on the payment device.
NFC – NFC or near-field communication allows the consumer to pay by tapping their NFC-enabled device (usually a mobile phone) to the payment device. This means that you don’t even need to carry your wallet around.
EMV compliance is now required for all businesses that accept credit and debit card payments. Following this move to more secure payments, the liability shift means that businesses that are not EMV compliant are now liable for fraudulent charges, not banks.
This may sound daunting, but after reading this article, you’ll understand why EMV is right for you (and it’s not just to reduce fraud liability).
Benefits for your business
Switching to EMV compliant card readers can benefit your business in the following ways:
Reduced fraud liability: Because of the liability shift, the liability for any fraudulent charges will fall on banks and not on your business.
Increased security: Chip cards are encrypted and therefore can’t be copied, helping prevent fraud and providing your business and your customers with more security.
Increased revenue: Offering all forms of contact and contactless payments will increase your revenue because it gives customers more options. They can pay any way they want: with cash, a magnetic stripe card, a chip card, or their phones.
Benefits for your customers
Upgrading to EMV card readers can benefit your customers as well. Here’s how:
Convenience: Not carrying cash? No problem, with EMV card readers you can swipe, insert, or tap your card or phone!
Security: EMV card readers are more secure than traditional magnetic stripe readers, as they encrypt data to help prevent fraud. A pin, requested in some countries for purchases over a certain amount, adds an extra layer of security for consumers.
The bottom line
If you’re looking for a convenient and secure cashless payment solution for your business, EMV card readers are the way to go. Nayax is a leading provider of EMV card readers and cashless payment solutions, so you can be confident you’re getting the best products and services available.
Nayax has been EMV compliant since 2015, and will ensure that your business stays up to date with the latest rules and regulations. Nayax’s EMV card readers are EMV Level 1 and 2 certified and support all major credit and debit cards, including Visa, Mastercard, American Express, Discover, Union Pay, and JCB.
Nayax also goes above and beyond, by not only offering payment solutions, but a comprehensive management system that allows you to manage your business and customer loyalty programs on the go.
Switch to EMV today! Contact us to learn more about our EMV card readers, cashless payment solutions, and comprehensive management systems.