What do you need to know about EMV Chip reader for restaurant merchants?
If you don't upgrade to process chip cards then according to Visa/Mastercard you are held liable 100% on all chargebacks regardless of fault and whether you have a signed receipt copy from your customer.
For example, a customer rings up a bill for $200 ...the customer realizes you swiped his chip card.....the next day he calls his bank and disputes the charge.....regardless of the reason(s) he provides you have no defense or recourse of the $200 because you swiped a chip card. The customer could flat out lie and you have video footage and a signed receipt and because the Chip card was swiped you hold 100% for all disputed transactions.
Some customers are savvy and do look for whether their Chip card is swiped or inserted for processing. Many customers are very astute on the EMV requirements and can easily take advantage of the rules that favor them when a merchant does not process a chip card.
On the flip side, restaurant owners that decide to upgrade their equipment to take chip cards complain that they experience slower processing times to process chip cards.
To offset the slower time it takes to process a Chip Card a restaurant owner might decide to get multiple terminals. Ideally, a merchant will use a WiFi or a wireless terminal and utilize Pay-At the Table credit card processing.
Pay-At-The-Table is the future of accepting payments and Chip Card processing for restaurants. It's what Visa and Mastercard want merchants in the USA to eventually evolve to do...similar to how processing is currently done in Canada and Europe.
Restaurant owners need to also factor the expense to upgrade equipment to process Chip Cards. Some restaurants have expensive POS (point of sale) equipment that only allows for swiping and keying in credit cards. Other restaurant merchants use cash registers and a standalone terminal.
Merchants typically have four choices:
- Keep swiping cards.
This requires no upgrade in equipment nor expenses. Swiped cards will also process payments faster than inserting EMV chip cards.
- Upgrade to process EMV with a stand-alone terminal.
This is the least expensive option. The stand alone terminal can be used next to a traditional restaurant POS or a traditional cash register. Merchant's can also opt for stand-alone WiFi or wireless terminal(s) which allows for Pay-At-The-Table chip card processing.Merchants that are accustomed to having their payments integrated into their restaurant POS might initially find the transition in using a stand-alone terminal to processes Chip Cards initially challenging.
** Stand-alone non-WiFi/wireless EMV terminals range from $250-400. We can provide up to one terminal per location at no cost under our terminal placement program.
** Pay-At-The-Table WiFi EMV Terminals range from $400-500 depending on whether you want a charging stand.
- Upgrade to process EMV within your existing POS through an Integrated POS Payment Solution.This option allows merchants to save money by not having to buy a completely new restaurant POS. The merchant can keep using their existing POS and then use what's known as an integrated POS terminal that works within their POS.
** Pay-At-The-Table WiFi is also available as an integrated POS Payment Solution.
Option #3 is very affordable and much less than buying a completely new restaurant POS.
** If interested in option #3 please let us know.
Option #3 requires a custom quote and a meeting either in person or over the phone with one of our specialists.
- Upgrade your entire restaurant POS in order to process EMV chip cards.If you are using a top tier restaurant POS then you will want to contact your vendor to find out their pricing. On the flip-side, we offer low priced EMV POS options for restaurants. Our most popular unit is called Clover and many merchants nationwide are very happy with the Clover POS.
For more information or advice on how to get your restaurant processing EMV chip cards please contact us at Moneck.com or simply call 888-405-3093.