Secure EMV Chip Cards

4 Ways for Merchants to Avoid Fraud After the EMV Liability Shift

Card fraud is a persistent problem in the U.S. In fact, per The Nilson Report, U.S. card losses accounted for a whopping 38.7% (or $8.45 billion) of gross global card fraud losses in 2015. Given that stat, it’s no surprise the major payment networks instituted new rules that very year designed to mitigate the problem. While financial institutions traditionally footed the bill for fraudulent transactions, payment networks can now hold merchants liable for fraud if they accept the payment in store via a credit or debit card’s magnetic stripe and not it’s more secure EMV chip. That liability shift means it’s more costly than ever before for merchants to skimp on payment processing security. Here’s a guide to avoiding fraud with (and after) the EMV liability shift. 1. Upgrade Your Terminals EMV chip readers are designed specifically to prevent “card present” fraud. “Card present” fraud is just a fancy way of…

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Multi Merchant Credit Card Machine

Multi Merchant Credit Card Terminal

One of the more unknown credit card processing options available to merchants is “Multi Merchant Processing.” Multi Merchant Processing allows several businesses to share a single credit card terminal. The major advantage of a multi merchant setup is that barbers, attorneys, or independent consultants my work out of a single shared space but share the same credit card terminal. An easy example is a hair salon, which could get a machine that serves up to twenty different merchants. So each stylist inside the terminal would function entirely as a separate business. Aside from the cost savings by splitting the terminal between merchants sharing the unit, multi-merchant setups are also advantageous because each party has his or her own merchant identification number. Therefore each business or contractor would receive funds deposited directly to the individual’s bank account. Having a separate identification number allows each individual more autonomy to control their own…

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