It’s official–EMV chip cards have flooded the credit card industry. According to Visa, a whopping 97% of overall U.S payment volume in March 2018 was on EMV Cards.

You may be wondering what the surge in EMV usage means for your dealership, and what exactly happens if you don’t decide to make the switch to an EMV-capable device.

ChargeItPro, our trusted partner for credit card processing, is here to address all of your questions about EMV.

Better cardholder security is in the chip

That little chip has had a mighty effect on counterfeit credit card fraud, drastically driving down rates thanks to the added layers of security that make it almost impossible to duplicate.

To learn more details about EMV, check out this educational video:

Am I legally obligated to accept EMV?

No, you’re not legally obligated to switch to an EMV-ready device, and you won’t be charged exorbitant fees for not making the switch. Be wary of any processor making these claims.

But is it recommended? Yes. EMV also came packaged with a shift in liability that could put you at risk. If you process an EMV card on a non-EMV terminal, you’ll automatically be 100% liable if the customer disputes the charge as fraud, regardless whether the charge was actually fraudulent or not.

Your dealership may be at a higher risk for chargebacks

A chargeback is a transaction amount being disputed by a customer who made a credit card purchase, where they’re essentially claiming they aren’t responsible in paying the amount assessed to their account, because of fraud or other reasons.

Chargebacks are becoming more prevalent across industries, but they’re most common (and leave the biggest mark) in industries with high cost merchandise and ones where customers don’t repeatedly make purchases.

Sound like your dealership? Then you’ll want to use an EMV device and check your mail regularly for any chargeback notifications.

Easily adopt EMV with Charter + ChargeItPro

Charter and ChargeItPro’s integrated payment solution is a reliable and secure way to process transactions. Learn more about how ChargeItPro can save you time and money here, or get started today by calling 800-989-2135.