Because of the rapid increase in credit card fraud, card issuers in the U.S. are now migrating to the more secure EMV chip card payment technology that has been in use for years in many other countries. Three payment card networks (Europay, MasterCard, and Visa) developed the EMV standards, and Discover and American Express are now part of this agreement.

Here are the benefits of switching to EMV: 

  • Reduced risk of fraud for your practice and your customers--Because EMV chip cards use a microchip to store account information, they are more difficult to counterfeit than magnetic stripe cards, so card-present (CP) transactions are more secure.
  • More customers from other countries will be able to use their EMV cards at U.S. businesses with EMV equipment.

Here's why you'll want to upgrade to EMV equipment sooner rather than later:

  • Card fraudsters are expected to concentrate their efforts on merchants who have not upgraded to EMV. Thieves prefer easy targets. Until you upgrade to EMV equipment, your practice risks being attacked by thieves. The sooner you upgrade the less vulnerable you will be.
  • Card-present (CP) fraud in the U.S. is expected to significantly decrease as more merchants and customers have EMV capability. In participating countries, EMV technology has reduced CP fraud by as much as 84 percent.*
  • The payment card networks announced that U.S. merchants who have not upgraded to EMV chip-enabled technology by Oct. 1, 2015 may be financially liable for card-present fraud that could have been prevented with the more secure EMV system.
  • Most EMV equipment can accept contactless payments. Contactless capability makes it possible for you to accept mobile payments from smartphones (e.g., Applepay).

Action you can take now

  • Upgrade your point-of-sale (POS) equipment, system, and software to EMV capability. It may be as simple as adding an EMV-compatible PIN with a software update, though, you may need to replace your terminal completely.
  • From now on, any equipment you buy should be EMV-compatible, so you'll be ready to accept EMV chip cards and avoid increased liability after October 2015. 
  • Please contact your merchant processor or feel free to contact the preferred payment processing provider for AAHA, Wells Fargo Merchant Services, by phone at 866-319-9466 or by email at aaha@wellsfargo.com. Wells Fargo wants to help you make your system as secure as possible with cost-effective EMV solutions that will work with your existing system. 
  • Don't wait until the last minute. Allow plenty of time to order and install your new equipment, as well as establish procedures and train your staff. For peace of mind, you'll want to have equipment and procedures in place and EMV-certified well before the October 1, 2015 merchant liability change.

Learn more at AAHA Tampa 2015 
You're invited to learn about how accepting payments from your customers is changing and how you can prepare. 

Wells Fargo Merchant Services
Preparing for Payment Acceptance Changes
Friday, March 13
AAHA Tampa 2015 Yearly Conference
10:20 a.m. - 12:00 p.m.

Stop by booth #628 for details and find out about preferred pricing for AAHA members, our $200 equipment rebate offer for new customers, and how you can get a plush pony to bring home. 


*Visa and EMV/Co studies

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