FIS Modern Banking Platform
Advance your bank with a modern core platform.
Worldpay Editorial Team
July 09, 2019
As a busy business owner, you can't be bothered with every shiny new technology on the market. There's simply too much out there, and it's too time consuming to research everything available. When it comes to credit card technology, how can you keep up with the latest innovations while remaining focused on your customers and thriving in a competitive environment? Here are three tips.
The fraud liability shift on October 1, 2015, marked the beginning of the mass adoption of EMV-enabled payment devices in the US. EMV chip cards use embedded chip card technology to add another layer of protection against theft and fraud. The cards dramatically reduce the occurrence of card-present fraud, and US merchants have many options in new credit card terminals. If you haven't already upgraded to EMV technology, don't wait any longer to talk with your payment processor about your options.
One of the advantages of using an EMV enabled device is that many of these devices are also equipped to accept contactless payments. This means your customers can pay with their digital wallets like Apple Pay and Samsung Pay. Considering that consumers use their mobile devices for practically everything, from buying tickets to looking up their schedules, it's only a matter of time before more and more will use their devices to make payments. Mobile payments are convenient, secure, and appealing to consumers and businesses alike. If your current credit card payments technology doesn't support mobile payments, you may want to upgrade.
There's no clear path through today's increasingly complex payments landscape— which is why choosing the right payment processor is more important than ever. Make sure the processor you work with has experience in your industry and will not push cookie-cutter solutions. Instead, they should serve as both a provider and an advisor by setting you up with the credit card technology that suits your needs today and in the future. Afterall, it's your processor's responsibility to keep pace with the latest payments technology, taking care of payments so you can take care of business.
Have questions? Reach out to one of our payment experts to discuss your options.
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