What is EMV?
Whether you run a small school with fewer than 50 students or manage several large schools, there are important payment processing changes underway that will likely impact your business. The EMV transition will impact businesses across the U.S. that accept credit and debit cards.
EMV stands for Europay, MasterCard, and Visa, the original developers of chip technology. This international standard was created to make debit and credit card transactions more secure. EMV cards are embedded with a microchip that also requires either a PIN or signature for authentication, offering an added level of security to combat fraudulent purchases. This standard is steadily replacing older and traditional magnetic stripe-only cards associated with the majority of counterfeit transactions.
How does the EMV transition affect your school?
On October 1, 2015, credit card companies began requiring that U.S. merchants either adopt the EMV standard or be liable for fraud if payments are processed using a magstripe-only terminal. Previously, the liability of fraud was on the issuer, but it will now shift to merchants who have not yet adopted EMV. This could mean that your school is now liable for any fraudulent transactions if you are only accepting magnetic-stripe or magstripe card payments. Outside the U.S., approximately 40% of the world’s cards and 70% of the terminals already use EMV technology, so it is not surprising that the U.S. is finally pushing the EMV migration forward.
Special note: If you are currently using PerfectMind or any other chip & PIN terminals, the EMV liability shift does not affect you. The EMV shift impacts schools using magstripe-only capable terminals.
The Benefits of Upgrading from Magstripe to EMV
In addition to protecting your school from the shifting liability of fraudulent card transactions, transitioning to EMV also provides more security to your students. EMV chips create a unique transaction code each time a payment is being authenticated, significantly reducing the risk of successful fraudulent activities through data theft and card counterfeiting.
The risk of fraud is real, and your students take data privacy seriously. By transitioning to EMV terminals, you're providing your students and their families with enhanced security, privacy, and peace-of-mind. EMV has been the standard in Europe and other countries around the world for over a decade.
The upgrade costs for franchise owners and multi-location schools can add up, but it's important to note that these are one-time costs. The monetary and non-monetary costs of dealing and recovering from a fraudulent transaction at your school can be much higher.
PerfectMind’s Integrated Billing Solution
Upgrading to EMV terminals is the first step in protecting your school from the risks of card fraud and providing a more secure payment experience for your students and their families. Additional benefits can be realized by choosing PerfectMind billing with Moneris terminals. When compared to third-party billing, using your PerfectMind CRM and billing will:
Allow your staff to avoid errors due to double-data entry
Save your staff time entering data at the front desk
Allow you to spend less time reconciling statements and balancing your books
Help you avoid sending delinquency notices to students that have already paid
Improve customer service with a smoother checkout process
Take advantage of competitive billing rates
Understanding the technicalities of payment processing can be confusing and complicated for any sized martial arts school. Our billing experts have been working with thousands of martial arts schools around the globe and are here to help your school get ready for the EMV transition and streamline your current billing processes.
Would you like to learn more about the EMV shift and PerfectMind billing? Register for our free webinar.