Is EMV killing business?

Besides the fact that EMV can be annoying to most shoppers, is it really killing business to the local small merchant. Let’s look at the issues.

EMV is more secure: Yes EMV is more secure than the mag stripe cards. But if the merchant is not using the EMV dipping process there is no benefit to having the EMV enabled card. Right now there are 5 million EMV compliant terminals that are being used in merchant locations across the country. But, only 1 million of these terminals are being actively used. Swiping on an EMV compliant terminal is just another way to say come steal my information please. Merchants are just not using the dipping process as of yet.

Why are merchants not dipping if they have the terminal?

Backlogs in 2 steps of certification have brought the EMV chip rollout to a standstill. The first is the software integration for all the terminals. People do not realize, this was not a government roll out program. This was mandated by Visa and MasterCard, the merchant processors, and several big banks. The roll out process was not coordinated by any main group and the process was flawed. Roll out the terminals, Install the software, and create the certification process. There was no orderly plan in place to coordinate all aspects of EMV integration. You have several businesses, all working for themselves, with their own goals, all being told they would have to service these terminals and these businesses, millions of businesses, with no guidance from the banks and from Visa and MasterCard.

The installation of the software takes several weeks to become installed. And then to be able to take the EMV chip cards, need to be certified. This certification process takes some businesses weeks, even months. Some retailers, waited for months with no idea when they would be able to be certified.

After the certification process, the consumers were confused. They did not know what to do with the chip. Do I swipe, do I dip? What do I do. Then, when the customer did dip their card correctly, they did one of three things. Most pulled out their card too soon, and the transaction had to be repeated. Or they walked out, forgetting their cards, slowing down the process. Or they completed the card process correctly. Add this to the fact that EMV card transactions tend to be slower, high volume businesses were losing money because of the time lost in making their transaction.

The EMV process has been a slow, painful, process for many small businesses. When the dust finally clears, this should be a more secure, and safer way for individuals to pay for goods and services in stores and online.

For people engaged in online business, it is pretty essential to accept credit cards online. Online business owners should rate this scheme as among their marketing strategy to be able to cope with the demands of the stiff competition that this kind of business they need to deal with. With competition getting stiffer day by day, it is important for online merchants to explore all possible ways to increase sales and stay afloat with the competition.


Business owners should see the need to accept credit cards online with the fact that most if not all shoppers all over the world are now enjoying the shopping convenience using their credit cards. Many online merchants are now adopting this marketing strategy to cope with the stiff competition. Having to adopt this payment scheme is certainly beneficial to both shoppers and merchants.


This particular payment scheme is beneficial to shoppers from all walks of life in different parts of the world. Aside from the fact that they get to enjoy the shopping convenience of simply doing it right in the comforts of their room, there is also no more need to have as much as cash when you need to buy something of urgency. For shoppers, this is a big saving on both times for not having to hop from one store to another and savings on their cash for not having to payout right then and there when they need to purchase just anything imaginable.


Merchants regardless of their business genre also get lots of benefits having to accept credit cards online. This payment scheme makes their business more credible for shoppers to reckon with. It has also been proven to increase sales as most of the shoppers are enjoying the convenience of shopping.


For an online business to accept credit cards online, maintaining a merchant account is important. Hence, it is essential for online business owners to go choose the right bank which shall take the burden of having to process the credit card payment for your business. Hence, you need to have certain parameters in choosing where to open up your merchant account for you to be able to accept payment electronically.


One of the most important things you need to remember in dealing with this thing is the reputation of the bank where you shall have your merchant account. The amount which it shall charge you for such service should be taken with utmost care. You need not have to spend too much on this thing.


You should, therefore, deal with one that will not charge you beyond what is fair and just. Online businesses can now accept credit cards online without having the merchant account. This is most widely done with Paypal which has a higher rate for its service charge. This is why despite this scheme many online merchants still prefer to accept credit card payments thru merchant account.


Having this knowledge, it is hoped that most online business owners now see the need to adopt this payment scheme. Aside from keeping them abreast with the latest in modern technology it also gives them great chance to increase sales. Hence, it is essential to accept credit cards online.