We are now well into 2017 and EMV terminals have existed over a year.
As of the deadline of October 2015, merchants unable to process EMV transactions now have the liability for fraudulent charges.
In the sphere of point-of-sale providers, they were a bit slow on making EMV readily available to merchants. Delays due to POS software suppliers struggling to implement the perfect certifications required by EMV is why it took so long to become available to restaurant and pubs.
Since each and every sort of credit card has been tested, it meant plenty of energy and time to make the change in the program.
Now, however, it is much more widely accessible for point-of-sale systems, along with your pub or restaurant should be able to detect an EMV terminal, and software update to make the change and protect yourself from fraud.
But is it worthwhile?
We’ll stand by our initial statement when EMV first came out, which was that it is highly unlikely that you’re likely to experience bogus credit cards. Bear in mind, counterfeit cards are the only time EMV protects merchants.
Counterfeit cards are a greater risk for big retailers and electronic stores. While it’s highly unlikely that a restaurant could undergo a case of fraud by a fake card, it is still a smart decision to take a look at the number of chargebacks you get as a merchant.
If you don’t have many cases of fake fraud, you might not have to upgrade to EMV.
While the U.S expects to fully switch to EMV processing during the next 10 years, if you are not having high volumes of chargebacks of counterfeit cards, then you might just hold off on EMV.
The National Restaurant Association has the following recommendation for merchants that are considering the cost of updating to EMV. “Even in case you experience fraud, the cost of the chargeback might be much less than the cost of installing a new EMV reader, or fleet of subscribers. As you examine the expense of purchasing and installing EMV readers, think about whether you are better offer investing in new technology that provides stronger protections, such as encryption and tokenization” (National Restaurant Association).
Get the best solution for your organization.
If you’re uncertain about the cost, speak with your point-of-sale provider and realize the cost to update. And, if it’s possible, look to find out if your POS provider offers additional software protections, such as tokenization and encryption. Encryption is just about the strongest way to secure your clients’ data, as point-to-point encryption is tough to undermine, and useless to hackers if a data breach happens.
The Way to Prevent Theft With Your Point-of-Sale System
Theft is one the biggest reasons a restaurant or pub can go under, but a good deal of merchants lose out on the best ways to prevent profit loss from internal theft and voided out transactions.
While it is not always easy, when you’ve got the correct tools in place, you can save hundreds of dollars every month.
The key is the point-of-sale system.
Setting up the appropriate clearance.
When you run a small pub or restaurant, then it can be simple simply to allow everyone and anyone to void out earnings, or delete menu items. However, you run the risk of giving too much access to everybody which may cause greater losses.
If you just allow managers to void out earnings or delete items, you are helping close the gap. When only your leaders are able to void sales, you will have the ability to understand better where your earnings are lost and monitor it to those folks.
Implement thorough cash tracking.
Cash is the easiest method for your employees to slip, and it can be incredibly tough to track. The best way to hunt for missing money would be to place your point-of-sale system always to require a button and dollar amount for whenever the cash drawer is opened.
Even if a person enters a”emptiness,”“no sale,””money paid out,” you have it recorded and dig to discover why that sale has been canceled.
Individual settings like voiding a product and price changes should only be given to a supervisor.
If a staff member does not have permission to use a function, an administrator can override the security setting to allow use in that case.
Utilize employee pins or cards.
You need every staff member to be signing into your point-of-sale system by means of a pin or a bonded ID card. Whenever they’re ringing up an order, or shutting a tab, they should be logged in.
You need to do this for 2 reasons.
1). It shields your POS system from non-authorized people and helps protect your organization.
2). It can help you track transactions and provides you the ability to find out if a particular employee was working when something was voided.