You've heard about Apple Pay and other forms of mobile payment, and if you haven't, you can read our blog article here outlining the advantages and disadvantages of mobile payments. But Apple Pay only scratches the surfaces of the broader chip card subject and a lot of questions remain:
- What's the deal with chip and EMV cards?
- What does the October 2015 deadline mean for my business?
- Why are we discussing Apple Pay and chip cards in the same conversation?
- What can POS Nation do to help? (Spoiler Alert: Save up to $400 if you upgrade in the next month)
Question 1: What's the deal with chip and EMV cards?
If you own a credit card, odds are you've recently been issued a new card with a chip embedded in it. These new chip cards are designed to fulfill the recently mandated EMV requirements adopted by the payment card industry which require merchants to accept chip cards by October 2015, which leads us to…
Question 2: What does the October 2015 deadline mean for my business?
The biggest misconception is that merchants won't be able to processor credit cards if they aren't compliant in October 2015. This is simply not true. October 2015 does however represent a liability shift in fraud responsibility for non-compliant merchants. So, if your business isn't compliant after 2015, then any potential fraud losses will be passed along to you.
Question 3: Why are we discussing Apple Pay and chip cards in the same conversation?
Yes, mobile payments and chip cards are entirely different payment types and Apple Pay has nothing to do with the October 2015 deadline; however, the same piece of hardware can accept both forms of payment. So, regardless of whether you're interested in mobile payments or EMV compliance, we can help.
Question 4: What can POS Nation do to help?
If you want to accept Apple Pay, mobile payments, or chip cards, you need two things. First, you need to update your software to the newest version. Second, you need a compatible pinpad. Together, these upgrades will cost about $500. But don't worry, WE'RE HERE TO HELP! Upgrade over the next 30 days and save up to $400! To get started, click the link below or give us a call at 877-727-3548 and mention our Apple Pay Promotion.