The foundation of any successful organization, particularly in the hospitality sector, is customer security and trust. EMV is no longer an option for restaurants; it has now become a requirement. Making the switch to an EMV payment system can reduce risk while boosting customer satisfaction and sales.
Understanding Compliance with EMVs
Before discussing the benefits, let's understand what EMV restaurant payment means. EMV is the abbreviation for Europay, MasterCard, and Visa, a global standard for credit and debit card payments. The word describes cards that use chip technology, providing an added layer of security to the transaction.
For restaurants to be EMV compliant and ensure customers have a safe and secure buying experience, restaurants must have Point of Sale systems that accept these cards.
Increased Security Reduces Fraud
Reducing card fraud by significant percentages is the strongest justification for choosing EMV payments. This is because fraudsters easily copy all the card data using regular magnetic stripe cards, whereas an EMV chip generates a unique, non-reusable transaction code.
Using systems that can accept EMV payments, restaurants reduce the likelihood of fraudulent transactions and generate secure revenues.
Customer Trust and Confidence
Trust is as vital for any restaurant business as the quality of food served to customers. By using cards in payment, a restaurant establishes financial stability for the customer. A customer's mind is relaxed, knowing that the information on his card is safe as the restaurant accepts EMV.
Such confidence will create a positive effect on the revenue of the restaurant. Customers will gladly visit the restaurant again and again knowing that their data is not being compromised.
Avoiding Liability for Fraudulent Charges
Since October 2015, businesses that are not EMV compliant may be liable for fraudulent actions based on transactions.
This implies that a restaurant lacking an EMV-compliant Point of Sale system may be held accountable for the charge if a fake card is used there. This risk is reduced by compliance, potentially reducing expenses from losses brought on by fraud.
Future-Proofing Your Restaurant
If your restaurant business is EMV compliant, it will be well-positioned for the future. This is because customers will look for places that adapt to the new technology as it progresses and EMV cards become more common.
Restaurant businesses that will slowly adopt EMV technology have the risk of falling behind competitors that offer safer and more advanced payment methods.
Easy Integration with Other Payment Options
Implementing EMV payment would allow restaurants to adopt contactless payments, mobile wallets, and other safe payment methods. This flexibility will increase customer happiness and boost table turnover rates by honoring customer preferences and speeding up the checkout process.
Improving Your Brand Image
Being EMV compliant builds your restaurant's reputation and positions it as a customer security and innovation leader. This could make all the difference in a crowded market when customers are looking for reasons to choose one restaurant over another.
Revenue Increases Through EMV Compliance
With all these factors, including higher security and consumer confidence, EMV compliance directly affects revenue growth. If consumers feel safe, they will spend more; similarly, if customers think a restaurant cares about their safety, they will return to the same restaurant again.
Conclusion
Modernizing the payment system is undoubtedly one way to meet the goal of EMV compliance, which is to be more than simply a one-time investment in your future.
Modernize your restaurant's EMV chip card payment system to prevent fraud and build a reputation as a secure, customer-focused choice in the dining sector.
Contact us at eatOS, a trusted Point of Sale provider now to learn more about the options that will suit your restaurant's needs and to get started enjoying the benefits of being EMV compliant. Both your customers and your profits will thank you.
