Understanding EMV

Credit and debit transactions have reinvented the way restaurants accept payment for the past decade or so, but as the transactional market evolves, so have payment machines. EMV machines are part of this evolution that will accept microchips embedded in cards. In fact, starting Oct. 1, 2015, merchants who haven’t invested in EMV-enabled equipment will be liable for fraudulent purchases made with a counterfeit credit or debit card. So, will your restaurant be adapting to the new EMV machines?



To first understand if it’s worth your time and expense, it’s best to understand what an EMV machine does. Long used in Europe, this chip card technology has been used as a way of further preventing fraudulent purchases on credit or debit cards. While swipe technology has many advantages, it’s not as foolproof as a microchip in protecting against fraudulent activity.


But America is finally catching up with the times, and last year The Aite Group estimated that 70 percent of credit cards and 41 percent of debit cards in use in the United States will be EMV-enabled by the end of this year. It’s important to note that while you’ll be liable for fraudulent charges should you NOT opt for EMV machines, the choice is ultimately yours. In fact, there’s no legal or regulatory requirement for merchants to install EMV readers or take action by Oct. 1.


At the same time, fraudulent activities typically occur with high-end retailers, electronic stores, and other retailers, and this may mean that investing in EMV machines is simply unnecessary for your restaurant. If you see a growing problem after the October 2015 liability shift, you may want to reevaluate.


Weigh the costs and ask the right questions as you upgrade to ensure that your restaurant is making the right choice. As you upgrade your POS system, make sure the new system incorporates not only EMV technology, but also encryption and tokenization technologies which the NRA considers these technologies far more important for restaurants than EMV.


TODD DOUGHERTY

Sales Consultant

CKitchen.com

E Friedman Associates Inc

T: 800.555.0666 x7590

D: 347.394.7590

F: 605.782.9015

todd@ckitchen.com  


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CKitchen, an E Friedman company, is a FULLY AUTHORIZED Food Service Equipment and Supplies Dealer that represents all major brands of commercial kitchen equipment. Since our inception in 1984, we focused on quality products and upscale projects. Our projects division is responsible for some of the largest food service projects in the country including Hotels, Restaurants and Institutions. We are loyal to our customers as well as our employees. Our average sales professional has been with us for over 8 years. This accounts for the fact that they are some of the most knowledgeable in the Restaurant Equipment industry. We continue to strive for value added service while maintaining the lowest prices in the industry. The bottom line is that we would like you to be pleased with your purchase today and for years to come...
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