EMV set to become widespread in US retail industry
The United States paves the way for many trends and technologies, but sometimes it follows in the footsteps of other continents. This is the case with EMV, which is the term used for the technology that equips credit and debit cards with a chip that provides more secure transactions. Coined from the companies that developed the payments technology, Europay, MasterCard and Visa, EMV is expected to hit the U.S. market fairly soon, and merchants across the country are beginning to prepare for this new piece of retail technology.
Changes, but benefits to EMV
There will be some changes that will need to be made as EMV becomes mainstream, reports Independent Retailer. Stores may be required to purchase or upgrade existing payment and technology systems in order to accept the new credit and debit cards. This can include software updates, buying new PIN pads and also training staff on how the EMV systems work. However, the costs might be well worth it, as the new technology is expected to reduce long lines by facilitating and speeding up the payment and transaction processes. This could lead to an increased customer base as well as rise in revenue for retailers, states the source.
There will be a variety of systems available for merchants, such as hosted or shared solutions, that need to be PCI-compliant in order to meet industry standards. This offers a wider range of security for both consumers and retailers, and reduces costs for businesses. Independent Retailer says that a new organization has been created to help companies with EMV systems and issues, called the EMV Migration Forum. The goal is to offer help and assistance to retailers who are integrating EMV processing solutions in order to accept the new cards.
Talk about EMV is finally happening
According to Retail Info Systems News, it has been anticipated for the past few years that EMV would make it over to the U.S. However, it seems as though it is just now happening and is expected to become widespread in 2015. There are many benefits to the emergence of EMV among retailers, including added payment security. Waiting times for customers will also be decreased, as transactions will be processed faster, giving retailers more time to focus on shoppers and providing service. The source states that some merchants might be hesitant about making the switch to EMV payment processing systems, but they could lose out on revenue by not being able to accommodate card holders. Retailers should make an effort to get a jump start on the trend, before it becomes too late.
