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Follow on Google News |  2016 DNC Warning: EMV Credit Cards Could Leave Philly Biz On The Hook For Large SumsWith the DNC Projected to Bring $350 Million to Philadelphia, PrimePay Cautions Small Businesses About Accepting Credit Cards with EMV Technology
By: PrimePay, LLC "While a huge step in the right direction, the new EMV chip technology gives business owners a bit of a false sense of security," said Ehsan Chaudhary, Vice President of Merchant Services, PrimePay. "This is a new global standard for cards to be equipped with computer chips that create a unique transaction code that cannot be used again. However, with the influx of people coming to Philadelphia for the Democratic National Convention this summer, small business owners have to be extra cautious that the person using the card is, in fact, the person who is entitled to use it for purchases." Chaudharywho oversees the Merchant Services department at the 30-year-old Philadelphia- Train Your Employees During the upcoming DNC, smaller retail and hospitality sectors especially, will need to hire seasonal staff members that may not have as much time to go through the usual intensive training programs afforded to full-time employees. However, the one thing these businesses should allot training time for is detecting credit card fraud. Here's how: Establish a Preset Limit If someone has stolen a credit card, it is unlikely that they will spend a mere $10 to $20. It is more probable that they will initiate a more elaborate spending spree. If they are using a fake credit card, the vendor is now responsible for covering the purchases. Set a limit that when employees ring up a transaction with a certain dollar amount, they should be instructed to do a reciprocal action. For example: If someone spends $50 they should check ID. If someone spends $500 or more, instruct employees to contact the customers' bank to cross-check the validity of the purchase. Verify IDs (even with EMV chip technology) Businesses absolutely must inform employees to check the ID of customers paying with a credit card. Without checking ID, anyone could just insert a stolen credit card into the machine. The merchant will get notification that the card is valid, but there is no way of knowing that the person using it is the real cardholder. This simple step can save small businesses from owing thousands in chargebacks. Payment Card Industry (PCI) Compliant Small business owners have undoubtedly heard of PCI but it is important to reiterate. Maintaining PCI compliance helps keep customers' payment information safe and significantly decreases the effects of a data breach. This one underestimated step is a necessary one when talking about reducing the risk of credit card fraud. "The Democratic National Convention is an amazing opportunity for the city's economy and workforce to benefit from the influx of tourism dollars," said Chaudhary. "By following these simple guidelines, it will be an enjoyable and profitable experience for all." To learn more about PrimePay's merchant services or read more advice for small businesses from Ehsan Chaudhary, visit primepay.com/ About PrimePay PrimePay is an employee management solutions provider offering a full range of integrated payroll and HR support services. As the nation's largest privately-owned payroll company, PrimePay serves all 50 states from more than 30 office locations. Delivering highly personalized and comprehensive payroll processing services, workers' compensation insurance, benefits administration, compliance solutions and HR support, PrimePay's national footprint is set to grow. With more than 500 employees, PrimePay, headquartered in West Chester, PA, holds the principle of serving its clients and franchises to the highest of standards. For more on PrimePay, visit www.PrimePay.com. End
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