If you’re a small-business owner considering updating your point-of-sale system to accept EMV credit cards, payments industry experts say there’s no better time to start accepting payments made with near field communication technology, too.
But EMV and NFC are more than payments-industry alphabet soup. Here’s what you need to know about the two technologies and why you should update your POS system to enable both.
What is EMV?
EMV (stands for Europay-MasterCard-Visa), otherwise known as chip-and-pin or chip-and-signature, is the new credit cards standard the U.S. is in the process of adopting. You may have to update your business’s POS system to be able to accept EMV Credit Cards.
What is NFC?
If you’ve not already seen NFC technology in action, then know this, NFC makes it possible for a customer to pay for something by simply holding a smartphone over the payment terminal (no contact required), when making payment or transferring files. It’s the wireless form of EMV,
The Liability Shift and what does it mean for Acquirers, are you at risk? The bottom-line is, you’ll be liable for counterfeit fraud that occurs at your business if you can’t accept a customer’s EMV credit card. Also, get the 101 for the Small Merchants and Liability Shift.
It’s a good time to update your POS system to support both EMV and NFC technology. Find out which POS systems support EMV and NFC technology. We’ve some of the best POS systems for businesses based on needs, features, cost and the types of payment technologies they support.
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