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IRVINE, CA, June 24, 2015 /24-7PressRelease/ -- As many are already aware, the transition to EMV smart chip technology will soon be affecting business owners nationwide. Already 120 million Americans have received new credit and debit cards with EMV smart chip technology embedded inside to help heighten security against card fraud. By the end of 2015, this number is expected to rise to 600 million - and merchants everywhere will need a way to accept these cards as payment for products and services or face full liability for any fraudulent card used at their location.
"The transition to EMV is changing the landscape of the payment card industry to be more secure, but many business owners nationwide do not have a plan to prepare for the liability shift that comes along with it," stated Nathan Jurczyk, Vice President of the Small Business Growth Alliance (SBGA). "That's why we're taking extra care to ensure that all of our members have the latest systems with EMV smart chip card capabilities available."
As business owners rush to upgrade their equipment to be EMV smart chip card capable, SBGA Operation Managers stress that simply having the proper system in place isn't enough.
"You can trade in your car for a hybrid, but if you're only using gas in your new car and not charging it, you're not making any changes," as one manager put it.
Most new payment systems contain a magstripe reader and an EMV smart card slot to accommodate both types of cards, but to avoid liability from fraudulent card transactions, EMV smart chip cards must be inserted in the system, not swiped. To run an EMV smart chip card transaction, customers will insert their card into the EMV smart chip slot, where it will stay until the customer inputs their PIN or signature and the card is approved.
Also included in the upgrade to EMV smart chip technology are mobile wallet payments such as Google Wallet and Apple Pay . Quickly becoming staples of a digital world, customers upload their card information to their mobile devices to pay for products and services simply by tapping the device directly to an EMV system. Users of mobile wallets have increased exponentially in 2015, with over 8 million Apple Pay users active today.
The deadline for business owners to upgrade their systems to accept EMV smart chip cards is quickly approaching. SBGA offers multiple solutions for businesses to accept EMV payments, including through their advanced business management solution.
About the Small Business Growth Alliance
Building off nearly two decades of experience, the Small Business Growth Alliance (SBGA) is a leading provider of back office solutions to businesses throughout the United States. SBGA Alliance Partners have been recognized by Inc. Magazine, have received the coveted President's Award and are accredited members of the Better Business Bureau. SBGA provides members with essential products, services and educational resources that allow business owners to successfully address essential business needs -- from internet marketing, search engine optimization and electronic payments to payroll and accounting services, SBGA offers the very best in total back office management solutions.
For Additional Information, Contact:
Small Business Growth Alliance
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