If it’s been a while you’re not alone, a lot of restaurants still rely on swiping credit cards for payment. However, all merchants are required to a degree to upgrade their payment terminals to include chip readers.
Not doing so can result in fines and penalties from card brands (Visa, Mastercard, etc.)
You put yourself at major risk of losing chargebacks and ultimately lower the overall efficiency of your establishment when you don’t upgrade to EMV chip readers. So, let’s take a look at what exactly they are and how you can benefit from them.
These days, most debit and credit cards have been updated to include an EMV chip. Short for “Europay, Mastercard, and Visa” the EMV chip allows for more secure transactions and improves security for both the cardholder and issuing financial institution.
Using a chip instead of a magnetic stripe when making payments on Aldelo POS protects the user from card fraud, which also protects merchants from unwanted chargebacks. As a result, merchants all over the world swapped out their old swipe-only readers for newer, EMV chip-equipped terminals.
When it comes to card payments, restaurant owners take on a much larger risk if they don’t use EMV chip readers. Since 2015, most major card issuers determined that merchants would be liable for any fraudulent charges going forward if they don’t accept chip card payments.
The bottom line is, you can protect yourself and your customers when you implement chip technology in your restaurant.
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