EMV Chips: Process them or consider losing money…
Are you a business accepting credit card transactions without Chips? Does your business accept EMV pin debit? Please be aware, according to the liability shift emvco.com, you are 100% liable for in-person or fact-to-face credit card transactions. Dip the chip. Don’t swipe chip cards. A swiped chip card = 100% liability for 5 most common chargeback reasons. Click here for more information on EMV protection. Upgrade your equipment to accept EMV (Chips), today to avoid fraud losses. Yes, chargebacks have been filed for “no Chip” as the reason. There are probably more to come, unfortunately. Protect your business, use EMV terminals and EMV pin debit.
Are you using EMV pin debit transactions to save money?
PIN is a Personal Identification Number. The PIN takes the place of a signature for a debit card transaction.
If you are having trouble accepting chip and pin debit transactions, we can help. You must select US Debit to avoid the card brand fees. EMV Pin Debit benefits are realized when US Debit is selected.. Some pin pads are unequipped for Chips. Upgrade your pin pad with a pin pad which accepts Chips. A downfall to many EMV credit card terminals connected with external pin pads is a loss of transaction speed. Customers have told us there are too many prompts between the pin pad and terminal. Many of these prompts are verifying the correct amount. As a result, the extra prompts make the transaction time too long.
Most credit card terminals can be programmed to process Pin debit with a Chip. The credit card terminals sold by Stillwater Payments contain an internal pin pad. A special encryption key needs to be injected to the terminal. The credit card terminal will not accept pin debit without the proper encryption. Each processor requires their own, specific encryption key. Once encrypted correction, pin debit EMV can be run through a credit card terminal. This is different based upon processors. Pax s80 and s500 and Verifone vx 520 credit card terminals, and POYNT smart terminals have a very ease to use Pin Debit EMV interface. It is simple to use any of these three device manufactures to access US Debit. US Debit must be selected to have a pin entered and the cost savings to happen.
Pin debit as a rule is less expensive for a merchant verses credit for average tickets over $35.
Poynt EMV NFC EMV Pin Debit Terminal
As sales or ticket values approach $100 and higher the savings become more dramatic. There are multiple factors to consider, transaction count and discount or margin paid on credit transactions verses debit. Here is a quick story. On a recent merchant credit card processing statement evaluation, EMV pin debit would have saved! With a $100 average ticket, we found on average there was a .63% savings per transaction or $0.63 per $100. The statement showed 250 transactions, which would have amounted to a savings of $157.50 using Pin Debit verses credit. Take some time and compare your pin debit fees with your signature debit fees. See which is cheaper for you. If you are unable to run pin debit transactions and you are a retail business and not 100% restaurant with tips, consider these numbers.
Average ticket on your merchant statement will determine the benefits of pin vs credit. For Example, avoid pin debit if your average ticket is $15. Pin Debit will cost you more money with a $15 average ticket.
Statement complexities cause problems. As a result, data can be difficult to discern for calculations. If you’d like assistance with saving money on pin debit EMV transactions, give our office a call, 877-651-1655.
For more tips on saving more money see this article or try this section of our website.