This is important to note because some unscrupulous providers are saying that EMV is mandated and required, but that is not true. However, you expose your business to new risks and costs if you don’t upgrade to EMV.
Updating your POS equipment is not required, however, does provide many benefits to both your business and your customers.
When everything in a business is running smoothly, it’s often easier to maintain the status quo. As you know, the future of your business depends upon providing customers with the best possible experience, including a smooth, secure, and easy payment process. Newer POS terminals and systems are faster, more secure, and offer options customers want, like mobile payments and chip card acceptance.
EMV capability allows your business to securely accept a wider range of payment methods, process payments faster, and reduce the risk of fraud and chargebacks. This all adds up to increased revenue, reduced costs, and time savings. The size of your initial investment will vary according to the complexity of your payment processing systems. Work with your credit card processor to determine the best options for your unique needs.