Over the last few years, technological advances have radically transformed the restaurant sector, the most significant being the transition to EMV payment systems.
EMV stands for Europay, MasterCard, and Visa. It was introduced into service by the EMV chip, which aimed to improve payment security. Many restaurateurs are thrilled about EMV technologies; however, numerous fallacies relate to the liability shift.
This article debunks six popular myths concerning liability shifts and what they mean for restaurant managers, allowing them to make informed decisions about their payment systems.
What is EMV Liability Shift?
Let's start with the EMV liability shift. If a restaurant isn't accepting EMV payments and fraud occurs, the business is liable for that loss, not the bank—the shift centers on encouraging firms to move toward more secure EMV technologies and reduce card fraud.
Myth 1: EMV Chips Eliminate All Fraud
Although EMV chip technology significantly reduces the possibilities of card counterfeit fraud, it doesn't completely eradicate all types of fraud. The EMV payment system eliminates fraud at the Point of Sale as it is challenging to duplicate a physical card. On the other hand, it doesn't offer protection against CNP fraud that an online transaction can execute.
Important Takeaway: EMV technologies are the most important part of fraud prevention in restaurants, but steps toward secure online payment systems must also be considered.
Myth 2: The Upgrade to EMV Is Costly
Most restaurant owners believe that upgrading to EMV technologies is too expensive. And although there may be some cost involved, the cost of not doing so might be much more because of potential liability due to fraud.
Key Takeaway: Long-term savings from fewer frauds and risks may outweigh the investment cost in EMV payment systems.
Myth 3: EMV Slows Down Transactions
The first wave of EMV chip transactions was indeed slower than those of the swiping methods. Today the scenario is quite the opposite. Faster EMV is now available to support contactless payments, making it quicker than chip and swipe.
Key Takeaway: EMV technologies are often considered slow service when combined with contactless payment options, but they can be relatively speedy.
Myth 4: EMV Only Benefits Huge Restaurants
EMV fraud threatens only large restaurants. This is not as far from reality as it might seem. EMV fraud affects all businesses, even small or big ones.
Key Takeaway: Whether you are a small café or a fine dining establishment, an EMV payment system can protect your business from liability in case of fraud.
Myth 5: Customers Prefer to Swipe Payments Over EMV
Initially, some consumers were not accustomed to EMV chip transactions, which were less convenient. However, consumers' behavior is changing, and most prefer the security that EMV offers.
Key Takeaway: Offering EMV payment alternatives shows customers that your restaurant respects their safety and will make them feel more trusted and satisfied.
Myth 6: EMV Compliance is Optional
There is no legal requirement to be EMV compliant, but your restaurant may be liable for fraud if it hasn't implemented EMV technologies. This shift in liability increases your business's financial risk.
Key Takeaway: Compliance with EMV standards is a good business move that can protect your restaurant from legal costs resulting from losses due to fraud.
How to Implement EMV in Your Restaurant?
Now that we have busted some common myths, here are a few steps to help you implement EMV payment systems at your restaurant.
1. Right Point of Sale System
Choose a Point of Sale system that can accept EMV chip transactions. Simultaneously, it should provide contactless payment methods for increased convenience
2. Training Your Staff
The transition will be seamless if the staff is well-trained. Ensure your team is knowledgeable about processing EMV payments and helping customers during the transition.
3. Communicate with Customers
Inform your customers about the new EMV payment system. Highlight the security benefits for increased trust and loyalty.
Final Thoughts: Embrace EMV for a Safer Restaurant Environment
Adopting EMV payment technology not only keeps up but also functions as a preventative measure to ensure that your company is not cheated or held accountable. This article aims to dispel common myths held by restaurant owners and managers. They find a means to make some informed decisions regarding investing in EMV technology. And it will enhance your customers' dining experience.
Ready to upgrade your payment system? Book a demo with eatOS and take it to the next level. Ensure your restaurant has modern, secure EMV solutions that safeguard your business as much as they protect your customers!
