EMV adoption in the United States continues to grow, with Aite Group reporting that 70 percent of credit cards were EMV-enabled at the end of 2015. Although fast-casual restaurant owners face a fraud liability shift if they aren’t equipped for EMV cards, some are delaying adoption due to concerns about upgrading their POS systems and longer transaction times. As a value added reseller (VAR), you can reassure your clients by conveying these key consumer benefits for EMV adoption.
1. Decrease Counterfeit Credit Card Fraud
Counterfeit credit card fraud amounted to $3.6 billion in 2015, according to Statistica, but this figure is expected to drop drastically to $1.8 billion by 2018 as chip cards become commonplace. With EMV cards, customers should be less concerned that fraudulent transactions may occur after their purchase. They can enjoy their food without worrying about the frustrating process of disputing charges and getting a card replaced.
2. Improve Customer Experience
Some fast-casual restaurant owners are shying away from EMV because of the increased transaction time. However, you can sell this additional time as an opportunity to improve the customer experience. Staff can offer loyalty program sign-ups, talk about the restaurant’s website or provide information about upcoming events in the 15 to 30 seconds needed for the transaction. They can also ask for customer feedback on new menu items and other additions.
3. Gain International Compatibility
Many countries use chip cards as their standard payment option, so fast-casual restaurants can make it easy for international travelers to pay if they implement EMV-enabled terminals. Restaurants located in or near airports and country borders, as well as those with an international presence, get the most out of this benefit.
4. Increase Trust
Another way you can help your fast-casual restaurant clients embrace EMV comes from emphasizing increased customer trust. Many consumers have had to deal with data breaches, identity theft and data loss, so hearing that a restaurant is putting fraud-reducing technology in place can improve its reputation and customer trust level.
Let your fast-casual restaurant clients know about the customer benefits of EMV-enabled solutions to help encourage adoption rates. Your clients may need the extra motivation of understanding how it helps their customer base before they’re willing to make the jump to EMV.