Creating an EMV plan
Are there any best practices for EMV migration?
Training and product awareness at both the business and the employee level is crucial to a successful implementation. The shopping experience is very different from the traditional magstripe card experience (the card is inserted into the terminal as opposed to swiped, for example). It’s important that everyone is familiar with the new process to ensure a positive point of sale experience for customers and employees alike.
Don't wait to migrate.
The EMV transition has already begun. Millions of chip-enabled cards are already in the hands of customers and many businesses have transitioned or are in the process of doing so now. By waiting to adopt, your business may assume higher risks – financial risks resulting from increased fraud exposure and reputational risks as customers may seek greater payments security. Invest now to secure your business.
Get a business plan together.
This should be done before implementation begins. It's best to get started as soon as possible since equipment upgrades have the potential to be both costly and time consuming. Figure out how much it's going to cost, how long it's going to take and plan accordingly. Also, when planning on how to update your systems to support this change, you will want to take a hard look at the cost vs. benefits of EMV. In some cases, fraud prevention alone may not deliver an acceptable ROI for effort required to implement this technology. With that, you may realize even more benefits from upgrading your payment hardware and software, such as improvements in network connectivity, access to additional security features (tokenization and end-to-end encryption) and being equipped to accept contactless and mobile payments.