With the breakneck speed of tech innovation taking place in the POS and payment spaces, today’s news can quickly become a fleeting memory. It’s no surprise then that, for many solution providers, the EMV liability shift of Oct. 2015 is ancient history.
Remember the EMV liability shift of 2015—the deadline for retailers to upgrade their payment terminals to EMV-compliant devices? Things were a little messy back then and many retailers didn’t hit the deadline. Despite liability for credit card fraud now resting solely on the merchant, many are still using antiquated terminals and payment methods. In fact, according to a report earlier this year by payment analyst The Strawhecker Group, approximately 52% of U.S. merchants have upgraded to EMV. While months have passed since the report, it’s estimated that there are tens of thousands of merchants still in need of upgrades. That’s some great sales potential for you.
Here are 4 reasons you should make EMV upgrades part of your sales strategy:
#1—Certifications are finally ready
If you haven’t been paying attention to EMV technologies lately, things have really cleared up. Back in 2015 and even 2016, a lack of EMV terminal processor certifications created a marketplace that couldn’t support the very EMV upgrades being required. For many solution providers and merchants, the confusion quickly turned into frustration. Today, you should find multiple terminal options available for the majority of processors.
#2—EMV got a speed boost
In addition, a common complaint about EMV—the slower processing times—is being addressed with speedier technology. Visa calls its technology Quick Chip, while Mastercard calls its M/Chip Fast. In both cases, EMV transactions can be reduced from 15 seconds down to just 2 or 3. The good news is that these speed enhancements can use existing EMV cards in circulation and many terminals simply require application updates to leverage the protocol. Still, you should ensure that EMV terminals you’re selling can already accept Quick Chip and M/Chip Fast or that software updates are planned for the near future.
As EMV upgrades have taken place, card-present fraud has dropped. If you fancy yourself the trusted advisor to your customers, helping them avoid costly chargebacks from fraudulent charges should be high on your to-do list. Plus, if a significant amount of fraud takes place and your customers are on the hook, it won’t take long before they place the blame on you.
#4—Most EMV upgrades provide other benefits
The latest-generation terminals that accept EMV have some additional tricks up their sleeves, such as NFC payments (Apple Pay, Android Pay, etc.), loyalty apps, customer-facing ads and more. Indeed, there are all sorts of unique add-ons that leverage these devices to increase sales for your merchants and create an immediate ROI.
If there was a fifth reason to sell EMV now, it’s this: each terminal you sell is $500 to $1,000 in revenue. With so many merchants still in need of upgrades, EMV terminals still create a great opportunity in 2017, and will continue to in 2018. Be sure to visit our Ingram Micro EMV page and don’t miss out.