Restaurants Should Review Their Credit/Debit Card Payment Processor Before October 1, 2015
The deadline is rapidly approaching for restaurants to review their merchant account payment processor.
The new secure credit card and debit card technology, EMV (named for the three companies that created the standard - Europay, MasterCard and Visa), will soon be more prevalent in the U.S. as the liability for credit card fraud shifts to retailers (including restaurants) and banks that haven’t upgraded.
The liability shift deadlines are October 1, 2015 for retailers (including restaurants) and card issuers.
The restaurants or card issuers that don’t upgrade to chip technology will be liable for losses from credit card fraud.
SOURCE: VISA, MASTERCARD
Conventional Vs. EMV Technology
The conventional cards store information on the magnetic strip. This makes it relatively easy to create a counterfeit card by copying the information onto a new card’s magnetic strip.
The new EMV cards feature a computer chip that stores account information in an encrypted format. This technology will require a pin number or signature to be valid.
Currently, most cards that feature chips still have magnetic strips in order to stay compatible with legacy magnetic strip processing terminals.
Get the Best Rate & Technology for Your Restaurant
Above the Standard Procurement Group® (ATS) has merchant account processors that are the best-in-class for their industry and they offer point of sale (POS) software.
When upgrading to the new technology, payment processors can review your account to ensure your restaurant has the optimal POS software available and the best possible rate to process your restaurant credit and debit card transactions.
About Above the Standard Procurement Group®
Mr. Daniel Barlette, Jr. is President of Above the Standard Procurement Group® which provides supply chain solutions and offers merchant account processing. ATS concentrates on bottom-line improvement, global procurement, and business growth services. They specialize in working with manufacturers, financial companies, insurance companies and restaurants.
ATS has been able to save their clients money in 98% of client engagements with an average savings of 28%. They have hundreds of strategic partners with proprietary and patented systems and they work with virtually all devices in the marketplace today. POS software available for restaurants include GreenLeaf, Aloha, Micros, Squirrel and others.
Get an Account Review by ATS
In order to be compliant with the coming law, Above the Standard Procurement Group® will need the following information to review your account:
- A copy of one month credit card statement
- Marketing method
- Percentage of swiped cards
- Percentage keyed/phone/mail order cards
- Monthly credit card volume
- Typical average ticket or sales size
- POS equipment the restaurant is currently using
- The last time you looked at what the market offered
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