In recent months, I am sure you have been asked by your clients that accept credit cards, “What is EMV compliance all about and how does it affect me?” If you haven’t been asked, you should take the time to learn what it means. Basically, there has been a liability shift that has moved from the payment processor to your customer. In other words, if your customer swipes a credit card with an EMV chip and future fraud is committed, their business could be held liable for any fraud committed against that card. This is because the merchant willingly put their customer at risk. While some businesses such as Target can bounce back from that kind of security breach, as a small business owner, that could be detrimental to your customer’s reputation and catastrophic to their livelihood.
The new chip on our credit cards is EMV technology. It stands for Euro pay, MasterCard and Visa and it’s currently the global standard for cards equipped with these computer chips. While the technology has been the norm throughout Europe for almost two decades. The US leads the way in instances of credit card fraud, identity theft and economic information security breaches. EMV technology aims to reduce identity theft, if not eliminate it completely by creating a different transaction code with each swipe making it virtually impossible for your card to be replicated and used by someone else.
Officially on August 15, 2016 the fraud liability shifted from Intuit to your customers who accept credit cards using QuickBooks Point of Sale. Educate them to NEVER swipe cards that have a chip, always use the chip reader. They also need to have the right technology. Guide them through these three easy components to be EMV compliant:
- Upgrade or Purchase QB Point of Sale v12 or Revel Click here to request a free quote.
- Verify or sign up for a new QuickBooks Payments account that is EMV compliant.
- Purchase a IPP350 EMV ready Pin Pad that is configured for QB Point of Sale v12 or Revel.
It’s simply a matter of having the right Point of Sale equipment, software and a QuickBooks payments account. While the additional expense of upgrading may seem daunting to your customers at first, because more and more consumers will be using chip cards, having the right equipment that can read them only protects them, their business and their patron in the long run. Saving them time, money and most importantly the business and reputation they have worked so hard to build.
If you aren’t sure if your client is compliant or you know they want to upgrade to get compliant, contact Complete Business Group, we can educate you to the right solution.
PARTNER BENEFITS: As a CBG partner, if your customer does not already have a new QuickBooks payments account, they will be required to get a new Merchant account and you will have the opportunity earn residuals on their new account. For QuickBooks POS v12, the software & hardware is sold at our cost, providing your client with the lowest possible price. If your customer is interested in QuickBooks Point of Sale powered by Revel, you have the opportunity to earn a one-time commission on each terminal sold. Helping your client’s become compliant is an opportunity to offer your support services.
Here is our customer-facing blog on EMV compliance you can share with your clients: https://completebusinessgroup.com/emv-compliance/