If you deal with credit cards and work at keeping your business staying compliant, you have heard of the “Liability shift” change that will soon target businesses that accept credit cards, including retailers, restaurants, hotels, banks and more. On October 2015, there will be a shift of liability from banks to sellers (non-online).
Hardware, software, and payments processing vendors who operate in the POS marketplace are at various stages of EMV compliance, development, and marketing to sellers in the position of identifying the best long term solution for their organization.
Rob Chilcoat of UCP Inc., a distributor of hardware devices specifically for the acceptance of credit and debit cards for OEM cash handling and retail, notes that there are more moving parts in the current U.S. payment processing system than in years past or markets abroad: “Whereas in previous years, payment processors were the primary source of hardware equipment for retailers and sellers, there are a plethora of hardware solutions that are not simply one-size-fits-all. This adds to the mix ‘payment gateways’ that communicate between software, application, hardware & processors.” With this new component, sellers and retailers have increased flexibility to find a solution that best meets their needs, but also creates an unlimited number of options, with the need to select the appropriate hardware, application software, payment gateway, and lockdown software for your organization.
1. Start early. While you can purchase devices that are EMV-ready/EMV-compliant, the decision making and implementation process can take months.
2. Plan for the future. Buy a device and system that will modify and scale as the needs of the EMV system change.
3. Communicate. Communicate the issues, reasons, and implementation process clearly to everyone from C-level execs to the staff working with the devices.
4. Identify a list of must-haves. What functions and forms are required?
5. Select suppliers. Find suppliers that will give you the support needed. Will you need assistance in design, installation, and implementation?
6. Budget funds. Set aside funds that are earmarked for this transition. for what is necessary to purchase the proper system and equipment.
You can read the entire article from Laura Miller to get more details.