It’s 2019, which means it’s time to catch up if you’re an independent software vendor (ISV) that hasn’t yet fully migrated to EMV technology. Luckily for ISVs who need a pain-free way to achieve EMV integration, this can be accomplished with the right payment processing partner.
There’s only one answer to the question “do I really need to use EMV chip card payment terminals or card readers?”. It is a resounding “YES.” The fraud liability shift for businesses who accept card payments went into effect in October 2015. Now, roughly three-and-a-half years later, the time to jump on the EMV integration bandwagon is quickly passing by.
Fret not! We’ll break down how ISVs can become EMV compliant without the added headache. To recap: EMV is the global standard for credit and debit card payments. An EMV transaction creates a one-time use code (tokenization) for each purchase. The added protection comes with the tiny chip embedded in the card, encrypting every transaction. This allows businesses to securely authenticate the card and the cardholder.
For ISVs that are involved with payments, this is not something that can be overlooked. Being proactive about EMV integration can reduce your costs down the road. Here are a few of our tips to help you get started.
Find an SDK-Enabled Payments Partner
Proper EMV integration is about having the right toolbox at your disposal to quickly and easily make the transition smooth. Choose a payments partner that offers a software development kit (SDK) so the transaction data on your POS is properly routed for EMV transactions. This same partner should have 24/7 tech support and offer practical guidance anytime you need help, even after the integration is complete. A partner like goEmerchant provides guidance from start to finish.
Choose a Payments Partner that Thinks Big-Picture
You certainly have to consider the technical aspects of EMV integration. It’s important to determine which partner is best equipped to make the onboarding experience as seamless as possible, but don’t forget to consider your own customer experience. Find a partner that provides your team with sales support, integration guidance, tech support, hardware support, and ISV/VAR support. Your EMV integration partner should be considered an extension of your own team in order to ensure total data protection. A partner who considers the entire picture (your team, your business, and your customers) will take the necessary steps to safeguard your data and your customers from unnecessary outside threats.
Make Sure Your Payment Partner is Certified
This might seem like a no-brainer, but being EMV compliant isn’t a given for every payment processing partner. You’ll want to find an EMV certified partner who can manage the integration process. This designation reduces your liability, eliminates the need to get your own EMV card brand certification and increases the overall security of the entire process. This all ties into how secure your payment systems are, too. Having an EMV certified payment processing partner also keeps businesses out of PCI scope for a majority of purchases, which adds another layer of protection.
Consider a Partner Focused on Faster EMV Payment Integration
Fraudsters are getting more sophisticated and finding new ways to capitalize on business’ customer data. This doesn’t leave you much time to play catch up. ISVs who aren’t EMV compliant risk becoming the next breach victim. Achieving solid, quick EMV integration is more relevant today than it has ever been. Not only will you have more secure payment processing, but also help to protect your bottom line.
Look for an EMV solution provider who offers EMV integration in a matter of days, instead of one that insists on handling the process over a longer period of time. Eliminating liability alone is enough of a compelling reason to integrate EMV. It protects cardholder data, allowing you to avoid costly and complicated litigation associated with a potential credit card breach. Each day you go without EMV protection leaves you and your customers at risk.
Choose a Future-Proof Payments Partner
Requirements for businesses who accept card payments are constantly evolving. New threats enter the marketplace every day, triggering regulators to change payment data protection requirements. With this in mind, our EMV solutions are NFC capable to future-proof the system for the influx of contactless payment methods that are growing in popularity. Our systems are also designed to be updated with the latest software so you won’t be left behind when new payment innovations hit the market.
EMV integration isn’t just about the technology, it’s about the right partner by your side to make the process as pain-free as possible. No business wants to worry about being compliant with the latest payment processing requirements, which is why you should let an industry expert sort out the nitty-gritty details. Worrying less about things like EMV integration allows your team to focus more on growing your customer base and boosting your bottom line. Partnerships in payments make securing that growth possible.
