Should my business switch to EMV Chip Credit Card Readers?

What Your Small Business Should Know About EMV Chip Credit Card Readers

 Interview with Kristen Bailey, Branch Manager of Key Bank in Tri-County

EMV Chip Credit Card Readers

Image: RVO


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Is it true we should convert to EMV Chip Credit Card Readers by or before October 1, 2015?

Yes, October 1st is the official hard deadline, but I would not wait until then. I would do it before then because there are repercussions if you do not convert. This has been in discussions since 2009 and most merchants are being encouraged to do it sooner.

Why is it so important for small businesses to make this switch? You said there were repercussions. What are those repercussions?

After October 1st if somebody presents a credit card or someone says the transaction was for the wrong amount or the customer disputes it for some reason the business will automatically lose with that transaction. With all the credit fraud that is happening that’s huge loss for small business.

How can the EMV Chip Credit Cards benefit small businesses?

EMV is definitely going to aide small businesses (EuroPay Mastercard Visa – this is based on the Europe chip and PIN system. The only reason the US hasn’t already adopted it is because of the expense, but with fraud on the rise they’ve decided to move forward) and it is going to eliminate the possibility for fraud to occur. It’s going to change the payment landscape. The idea is that there is going to be less risk for fraud. When you go to a restaurant, the server takes the card with them to run which creates an opening for them write down the number or scan it. The idea of the EMV card allows the customer to insert their card in the machine, with no one else touching the card , and the receipt is facing the customer rather than a clerk. The clerk does not even give you the receipt. So this will leave you with less charge backs, less disputes, etc. The days of skimmers will be over and they won’t be able to read your card data any more.

  • 1st phase is the card chip – reads the chip and you sign 10/1/2015
  • 2nd phase is chip and PIN – you use a PIN along with chip and signature – later date to be announced, but encouraging you to do this now.
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Are we going to be penalized / charged for using the PIN as with the current debit vs. credit use system is now set up?

It depends on the bank or financial institution, but the short answer you may be.

Where can small businesses get an EMV Chip Credit Card reader and what is the cost associated with this?

Key Bank Merchant Services offers EMV capable equipment at a reduced cost. Kristen suggests purchasing as opposed to leasing your terminal. There are some benefits to a lease but you are looking at paying 3 times the cost as opposed to purchasing one. The average cost of a terminal is $250 to $500 and they’ll need the PIN pad as well which is a separate expense. All terminals should be IP based vs. dial up. The equipment needs to be run on the internet vs. dial up.

Mobile card readers – a lot of them are in beta right now, but you will have to start paying for it. There is only a handful of companies that have the mobile card readers right now.

Here are a couple of resources to look into getting a mobile EMV Chip Credit Card Reader:

  1. Square 
  2. Intuit and to pre-order theirs as it’s not available yet click here

Kristen welcomes you to contact her if you need a resource. Regardless of whether or not you’re a Key Bank Merchant customer she is willing to answer your questions.

Bailey, Kristen-phonebookKristen Bailey is the Branch Manager with Key Bank (Tri County Office) located in Cincinnati.  She was born and raised in Cincinnati, OH and graduated from Purcell Marian High School. Kristen was an Interdepartmental Major (Management, History, & Sociology) and earned a Bachelor of Arts degree from Wittenberg University. She has over 15 years of sales and customer service experience, of which 10 years has been spent in the financial services industry. She’s an avid networker, loves building relationships and is extremely knowledgeable and competitive in the banking industry. Kristen’s specialty is Small Business.

Her #1 priority is to proactively find solutions for her clients and to provide an invaluable service, while selling with integrity. Kristen truly enjoys working with small business owners and takes pride in providing education and serving as a dedicated client resource. If she can’t assist, chances are she knows someone who can.

To contact Kristen: or call 513-407-5071

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