How Will You Help Merchants Meet EMV Compliance Challenges?

The payment landscape is changing rapidly. Just in the past year, merchants have taken great strides toward EMV implementation. In April they began working with processers that had infrastructure in place to support chip transactions, and now many are working toward upgrading their systems.

2014 promises even more changes for merchants, processors, and financial institutions as EMV technology takes hold. The next year will be spent performing comprehensive replacements of transaction devices in preparation for October 2015. For merchants without EMV-enabled POS devices, this is when liability for domestic and cross-border counterfeit fraud card-present POS transactions shifts to acquirers.

Complex upgrades

However, these replacements don’t just mean updating POS terminals. As consumers come to rely on and expect a greater variety of payment methods, the pressure on merchants to meet those needs increases — meaning the pressure on banks also goes up as they scramble to keep pace with their merchant customers’ changing requirements.

Now merchants need to be able to keep up not just with POS equipment during the EMV transition, but with an immense number of other devices to handle in-store, online, and mobile transactions.

All of these varied payment options mean that banks will be caught in the center of a growing network of providers including payment networks, card issuers, merchants, and consumers — and they’re expected to be experts at every level of this ever-changing structure.

A lasting benefit of EMV compliance

Becoming an all-knowing resource is easier said than done. But it’s imperative that you be able to offer support to your merchant customers so you can retain their long-term business.

The next phase of EMV compliance offers a great opportunity for financial institutions to build valuable, lasting, and profitable relationships with their customers. From dynamic wallets to mobile network operations to eCommerce companies, financial institutions will be the go-to resource for customers seeking understanding and support during today’s payment evolution. And the first institutions to embrace this reality will be the ones to profit.

But how can financial institutions effectively provide reliable guidance to merchant customers in all of these areas?

The key to EMV success

The key to EMV success is to partner with the right processor, issuing platform, and point-of-sale software providers. Institutions that rely on their payment processing partners for guidance will free themselves from the burden of keeping up with all the intricacies of EMV technologies and compliance — and they’ll find themselves working with a valuable and knowledgeable customer liaison.

Veracity Payment Services is such a partner. Veracity is developing a proprietary processing platform engine to support EMV, mCommerce, eCommerce, and integrated solution acceptance. We keep track of the ins and outs of compliance for your merchant customers, so you don’t have to.

Most importantly, we act as an extension of your business — we strive to improve customer engagement, strengthen client relations, and fuel growth.

Veracity’s response to EMV makes compliance easy:

• Thought leadership on EMV technology
• Platform supporting data requirements and certifications
• Education modules for both the institution and merchants
• POS smart devices supporting chip and NFC technology
• Data analytics and loyalty solution kits
• Mobile marketing suite that includes couponing, QR code, and social media
• Gateway product supporting IP connectivity and spec design

In the midst of all of the technology upgrades and changes EMV is bringing, financial institutions need to remember one thing: This transition isn’t just another change to which you need to adapt. It’s a chance to build relationships and grow your customer base. With the right payment processing partner representing your EMV-compliant offerings, improved customer loyalty and retention become effortless.

[cta]To learn more about what EMV will mean for your financial institution, please email Brenda Stein or call 803-335-2701 with comments, questions, and feedback.

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