The rationale behind this is that if you had upgraded your terminal, the fraud could have been prevented. The difference is that if one of those chip cards that you swipe is used fraudulently, you will now be liable. All chip cards are also equipped with the same magnetic stripe used previously, so you can still swipe them. If you stick with your old non-chip credit card terminal, you will still be able to run transactions.
But for baseline EMV-compatible chip card readers, it’s a pretty minor investment even for a very small business.ĭo I Really Need to Upgrade to an EMV Terminal? If you want a wireless terminal or an NFC-capable terminal, the prices will be a little bit higher. If you’d rather rent than own, at least look for inexpensive rental options, preferably less than $100 per year. There’s no reason to sign on to an expensive non-cancellable lease. You can find them as cheap as $150, especially if it’s refurbished. It will probably set you back $200 or so. Not very much! These terminals are really not more expensive that the old terminals.
How Much Does an EMV Chip Card Reader Cost? You can buy a separate NFC reader without replacing your existing EMV terminal. Also, if it turns out in a year or two that Apple Pay has taken over the world, that’s no problem.
You should at the very least compare prices. NFC EMV terminals can be considerably more expensive than standard EMV terminals, so if you don’t need it don’t get it. That won’t stop merchant services providers from trying to upsell you on NFC, though. But a ton of businesses really won’t have any use for it in the foreseeable future. It could be a godsend for fast-paced business as adoption increases among consumers. NFC ( Near Field Communication) is the technology used by Apple Pay and other digital wallets for contactless payments.
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