![]() A POS system runs on your mobile device using software to process transactions, just like a traditional POS terminal. Mobile point-of-sale systems can be used anywhere and function independently of elaborate merchant services. Read on as we take a closer look at the top mobile card readers on the market, including devices that can handle chip cards and touchless payments like Square, PayPal Here, and more. A mobile point of sale system (mPOS) makes that possible. With fewer people carrying cash, small businesses must be able to make transactions on their customer’s terms. Fitbit Versa 3įor small business owners, making your products and services available in an increasingly cashless society can be challenging. It recommended these merchants deploy chip acceptance along with other security measures such as encryption and educating employees about phishing attacks. “As long as the magnetic stripe readers are in place, fuel dispenser merchants are becoming an increasingly attractive target for advanced threat actors,” Visa said in a security alert issued in November. Since 2015, the amount of money merchants lost to counterfeit fraud has dropped 62%, according to Visa.Īs gas stations start to make the switch, they’re also facing an increased threat from hackers looking to take advantage of one of the last industries that remains vulnerable to counterfeit-card fraud. storefronts - currently accept chip cards. ![]() More than 3.7 million merchants - or 80% of U.S. The underlying technology - called EMV for founders Europay, Mastercard and Visa - generates new codes for each transaction, while the information on magnetic stripes is permanent and can be copied and stored by hackers. Visa and Mastercard began calling for a migration to chips years ago to head off counterfeit-card fraud. Mastercard said it’s seeing good adoption of EMV technology and a reduction in fraud. ![]() “We believe extending chip technology to fuel pumps is an important step to take to protect businesses and consumers who want to pay securely as well as conveniently,” Visa said in a statement. The networks recently rejected a plea for a delay from the Merchant Advisory Group, which helps retailers navigate payment-systems issues. Visa and Mastercard aren’t willing to give gas stations more time. Energy experts say it’s common for gas prices to rise quickly when oil markets are disrupted and then take their sweet time returning to normal. If they had been, rather than Visa and Mastercard making all the decisions without understanding them fully, we wouldn’t be in this mess.”Ĭolumn: Why do gas prices rise quickly and come down really, really slowly? “Retailers and technology companies should have been part of the planning and decision-making on chip cards from the start. “The payment standard-setting process needs to be more open,” said Anna Ready Blom, director of government relations for NACS, a trade association for the convenience-store industry. The convenience-store industry blames Visa and Mastercard for not consulting them when setting deadlines. More than half of participants in the Conexxus survey cited a lack of available software for not having chip technology fully deployed, while about 15% pointed to a shortage of hardware. But they will bear a significant increase in losses either come October or shortly thereafter because we know fraudsters will find the weakest link.” “Folks that have been trying to transition to EMV will be unable to because of things outside their control. “There’s going to be quite a surprise come October,” Laura Townsend, senior vice president of the Merchant Advisory Group, said in an interview. For fuel retailers, the deadline was ultimately pushed back five years as the industry faced costs of more than $3.9 billion to do the work. Most retailers began to upgrade payment systems in 2015 - the first of a series of deadlines set by Visa and Mastercard as the United States worked to catch up with nations in Europe and Asia that had long ago adopted the more-secure chip cards. ![]() Even if there were enough contractors, there’s not enough dispensers available.” “There’s not enough technicians to do the installments,” Smith said. The industry is “massively underprepared,” said Joshua Smith, chief executive of Gas Pos, which sells point-of-sale systems. gas station operators that haven’t modernized their pumps will face liability for any card fraud that happens at their businesses. rejected a request to delay a looming deadline to complete the work.īeginning in October, U.S. Gas stations nationwide are rushing to upgrade fuel pumps to accept credit and debit cards with chips after Visa Inc. ![]()
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