Don't get caught with outdated software & hardware.
Regardless of what you think of EMV compliance, it's here to stay. Let us help you navigate the twisted, confusing world of keeping your company safe from fraudulent transactions and crooks. Our software and hardware is already compliant, and we've got our finger on the pulse of each layer of EMV compliance.
EMV is the technical standard for smart payment cards and for payment terminals and ATMs that accept them. EMV was designed to combat fraudulent transactions in the marketplace.
EMV credit cards have been around for years in Europe, and now they’re here in the United States. Major credit card companies have already begun the transition to “chip” cards, and it’s estimated that approximately 70 percent of credit cards and 40 percent of debit cards in the U.S. will support EMV by the end of 2015.
If your POS system isn’t EMV ready yet, it needs to be. Because the cards use a chip implanted in the card, rather than the traditional magnetic strip, it requires both different technology and hardware (chip and pin cards are “dipped” rather than “swiped”) to read the cards.
Perhaps even more importantly, liability for fraud shifted on Oct. 1, 2015 to whichever party is the least EMV-compliant. Delaying EMV readiness puts your business is at risk — annual costs of credit card fraud are nearing $10 billion in the U.S.
Lucky for you, Aeris POS is ready for EMV. Here’s what you need to know.
1. Work smarter, not harder, at implementing EMV technology
Consolidate all requirements for each payment network for certification and plan ahead to meet future requirements ahead of their implementation. Each EMV terminal must be approved by all payment networks prior to terminal deployment. Don't just focus on one at a time, and your terminal might not work if not approved by every payment network.
(If you're with us, we've taken care of this step already.)
2. EMV Terminal Selection
A lot of money has been wasted on terminals with strip-only technology. Some newer EMV terminals only support certain features, and you'll need help while shopping around for EMV terminals. Whether your terminal includes Offline Data Authentication (ODA), PIN Support, Apple Pay, and/or MasterCard's Paypass 3.0 could make the difference between making money and being left behind the pack. EMV is just the beginning, and if you only get the bare minimum, you'll be left behind when the next round of payment standards is released.
Choose a payment terminal that fits your needs and is adaptable to new technology. That's what we've developed.
(If you're with us, we've taken care of this step already, and have several hardware options that we've put through rigorous testing.)
3. EMV-Ready Point-of-Sale
This is our favorite part. EMV terminals require more frequent updates to software and EMV-specific parameters than Legacy Point-of-Sale systems can handle. You need to find a point-of-sale with the framework that can handle the frequent updates, without costly in-person manual updates.
(This is where we really shine. Aeris POS's cloud-based point-of-sale systems are perfect fit for EMV authentication and the frequent updates they require.)
4. EMV Key Management
If you opt for EMV terminals without Offline Card Authentication and a key management support strategy, you'll face costly support costs in the future. Cryptographic keys help people input their pins and authenticate their cards — even if the internet connection is down. This means that certain terminals will be able to accept cards offline.
(We've got this covered. Moving on...)
5. EMV Testing and Test Tools
Prior to deployment, you must complete multiple stages of testing for each terminal brand model and configuration to be deployed. It's kind of complicated, but suffice it to say, you want to get the right EMV terminals for your business, and make sure they are able to be used with the most recent standards, otherwise you'll have to go through testing again and again each time new standards are released.
(We've saved you the headache and will be taking care of these steps.)
6. EMV Merchant On-Boarding Process
This is our other favorite part, and we're going to skip the italics on this one. We're experts at customizing systems to talk to each other, and EMV is going to be one mammoth to incorporate to each company's system. We've actually found it's easier to switch retailers and restaurants over to our Cloud POS, and integrate their entire system into Aeris' scalable, adaptable framework. We've already figured out the EMV part, and we've deployed our technology thousands of times already, each successful marriages of logistics and revenue generation.
We've already made it easier to automate many time consuming business operations, delivering intense analytics that pull data from all portions of your business, and finds ways to optimize performance and decrease waste. Imagine a system that recognizes trends in sales, and sends alerts (or orders) anticipating when you'll need more of something. All employee pay, hours, vacation, store rent, business expenses, taxes, and more are consolidated into real-time reports that give you useful metrics to use without having to guess what a myriad of data points mean.
We're ahead of the pack when it comes to Cloud technology, user experience, self-order, and other new technologies. We've developed our Point-of-Sale software to meet any new change in the Credit Card paradigm, and we've been able to put that adaptable framework to the test with the release of new EMV standards.