Retail IT consultant and CEO of eMazzanti Technologies, Carl Mazzanti, comments on retailers’ efforts to implement technology to accept the new EMV (chip and pin) cards
In the midst of increasing credit card fraud, U.S. card issuers are distributing cards with new EMV technology (also referred to as chip and PIN) to protect their customers and to minimize their losses from fraud. Retailers and other businesses that accept credit cards are looking to upgrade their point of sale (POS) systems to prepare for the October 15, 2015 deadline when the liability for credit card fraud shifts to the merchant if they do not have an EMV payment system in place.
EMV stands for Europay, MasterCard and Visa, a global standard for the compatibility of chip cards and POS terminals designed to accept the cards and authenticate credit and debit card transactions. A chip card is a credit card with embedded microelectronics designed to reduce the risk of loss to cardholders and merchants from fraud.
For merchants and professionals who accept credit cards, the switch to EMV means adding new in-store POS and office technology to accept the cards and adjusting to the new liability rules.
eMazzanti Technologies’ CEO, Carl Mazzanti, recently commented on how the transition to EMV is proceeding (Taken from an April 3, 2015, interview with Craig Aberle of The Point of Sale Times website).
How is the transition to EMV technology going?
Although it’s a change, most of our customers are excited about the fact that it will reduce the amount of theft that currently exists. They are concerned with putting in new card devices that can handle EMV and the costs associated with it. With all of the advanced notice from the PCI Security Council, we believe that most of our customer base will make the standard deadline date leaving only a few to carry over to after holiday season.
Are you getting the support you need from various vendors?
Most vendors have been very supportive. With our firm’s size and extensive customer base, we are able to leverage our vendors to give our clients superior support for our customers. Small retailers that delay, or who are without a good technology partner to advise them, may be left behind.
Are the customers (merchants) receptive to the new requirements?
With most merchants, we have focused on the positives of EMV. There is a great opportunity to improve the customer experience by using the latest advancements in technology. Those customers that are receptive will most likely see the biggest improvement in sales or reduction of overall theft. Either way, this should have a positive effect on bottom line.
What do you think the average merchant will spend in order to be compliant?
For current eMazzanti Technologies customers’ lots of the changes are covered under existing customer eCare agreements (eCare is eMazzanti’s branded managed services). This keeps stores current and operating with the latest changes in technology. For those firms making the move we believe the most effort, and largest spend, will be in implementing the required changes and only time will tell how large of an investment that will mean for retailers.
Is it going to be worth the effort?
Yes. An improved customer experience, with a corresponding increase in sales, and a reduction of theft will more than justify the effort and expense to comply.
You can also read Carl’s comments in The Point of Sale News, 3/8/15, The Point of Sale Industry Transitions to EMV. What progress thus far?
eMazzanti Can Help
eMazzanti Technologies is well-prepared to upgrade retailers to the latest POS solutions to help them protect their customer’s personal and financial information. Businesses can be confident in migrating to the new EMV card security technology by taking advantage of eMazzanti’s trained and certified retail POS and PCI compliance experts.
To explore the options, please contact eMazzanti Technologies at [email protected] or call 1-866-EMAZZANTI.
