Dear Valued Merchant,
Remember the hassle and investment of transitioning to EMV-enabled cards, or “chip cards”? Well this has actually been a great advancement for the Credit Card Processing industry! EMV-enabled cards significantly reduce fraud incidents, as the chip inside them creates a unique transaction code that cannot be used again. This feature greatly reduces the ability for fraudsters to counterfeit the card. Less chargebacks and card fraud benefits both the card users and merchants accepting the cards.
According to EMVCo, 54.6% of all cards issued in 2017 were EMV-enabled and 63.7% of all card-present transactions in 2017 used EMV technology, up from 52.4% of transactions in 2016. As a result of the aforementioned increased usage of EMV-enabled cards, in 2017, chip-enabled merchants saw a 58% drop in fraud reports compared to the previous year. This increased issuance and usage will only continue to help customers and merchants keep their hard-earned money. Continued advancements in technology reduces chargeback and chargeback fees, and trust us, no one wants to deal with fraudulent transactions or chargeback fees!
If your machine is not EMV-enabled please call us today so we can figure out a solution to help reduce your potential fraud. It will be worth the investment! As always, thank you for your business. Make it a great day!