For the most part, the concerns that came along with the widespread EMV rollout nearly two years ago have been assuaged. Worries about security of such purchases, and the time they took to complete, dominated the conversation for a few months, but have long since gone by the wayside for most people and merchants. However, there are still some stated misgivings that crop up occasionally, and the payment processing industry continues to work on reasonable solutions.
Part of the issue is that, in some cases, the EMV payment experience can vary widely from one store to the next, according to Bloomberg News. At some major retailers, the process can be quick, and present no problems for the vast majority of shoppers, while other, smaller merchants may experience difficulties depending upon a number of factors, and that may lead to frustration among shoppers and merchants alike.
"Some places, it's seamless and beautiful," Robert Martin, North American vice president of security solutions at Ingenico Group, the second-largest maker of payment terminals in the U.S., told the news organization. "Other places, not so much. But we're learning."
What's Being Done?
The good news for shoppers and merchants alike is that more is being done to ensure uniformity of EMV purchasing experiences, and companies in the payment processing industry are moving toward solutions to some of the more common problems, which - depending upon the merchant - may include longer-than-expected transaction times, the report said. In general, merchants and the processing industry itself want EMV purchases to take no more than three seconds, but there are plenty of mitigating factors that may impact that time.
Another potential stumbling block here is that a lot of different EMV systems are now in use, but over time they are expected to get better and more standardized, meaning that consumers will have less of a chance to tell the difference between them.
Getting Merchants On Board
Meanwhile, another potential issue here is that although nearly all consumers now have at least one EMV-enabled card in their wallets, not all merchants have yet adopted new point of sale terminals that give them the power to process EMV transactions, according to Hospitality Technology. This, too, may be because there are still misconceptions about what EMV entails for merchants. At this point, EMV isn't necessary to adopt, of course, and there are no additional costs associated with only accepting traditional card-swiping transactions, unless fraud is involved.
Experts point out, though, that the complications that can arise in the event of fraud-related chargebacks may be costly to deal with for those that haven't made the switch yet, the report said. And unfortunately, as more merchants adopt EMV, the likelihood that those which have not done so will be targeted by fraud could increase. With that in mind, switching as soon as possible may be a good idea, even for those that have lingering concerns.
Out In Front of Fraud
Interestingly, while EMV is said to have cut card-present fraud considerably, this has not served as any sort of deterrent to credit card fraud overall, according to a Credit Union Insight. It's possible that payment fraud of this type could rise to the highest level ever observed as criminals shift their tactics.
"Several factors, including slower-than-expected merchant conversion to EMV and delays in shifting fraud liability to retailers are compounding the situation," Robert Jarosinski, senior consultant for Risk and Compliance Solutions, said at a recent industry conference.
With all these issues in mind, it might be wise for any merchants that haven't yet made the upgrade to a new EMV-capable POS device to speak with a reseller about the options available, and learn more about what these systems can do.