Visa Inc. (NYSE:V) introduces a set of resources to help business owners manage the transition to chip card technology for credit and debit cards. The toolkit, available at VisaChip.com/BusinessToolkit, provides merchants with a 10-step implementation guide, downloadable tools and resources, and a module to train employees on accepting chip cards at the point-of-sale (POS).
“Chip technology will bring an important new layer of security for credit and debit cards by helping to make stolen account information useless to criminals”
Chip technology brings greater security to card payments by generating a unique, one-time code every time the card is used at a chip-activated terminal. This feature is virtually impossible to duplicate in counterfeit cards, helping to prevent the leading category of in-store fraud. According to a survey of eight financial institutions, representing approximately 50 percent of the total U.S. payment card volume, 63 percent of credit and debit payment cards will contain EMV chips by the end of this year, expanding to 98 percent by the end of 2017.1And while businesses are also expected to make good progress towards half of terminals being chip-enabled by the end of the year, an Aite Group study shows a gap with more than a third of merchants still unfamiliar with chip technology.
“Chip technology will bring an important new layer of security for credit and debit cards by helping to make stolen account information useless to criminals,” said Stephanie Ericksen, vice president of Risk Products, Visa Inc. “It is a priority to increase merchant awareness and understanding, given a liability shift in October 2015, after which merchants who are not ready to accept chip cards may be responsible for counterfeit fraud.”
Visa’s head of global merchant sales and solutions Ramon Martin added, “Visa is committed to supporting businesses of all sizes in the transition to chip technology. With this merchant toolkit, we want to provide easy-to-access educational and training resources to help get businesses chip-ready.”
This announcement comes as the U.S. Small Business Administration kicks off National Small Business Week (May 4 – 8). Visa is also continuing its Small Business Chip Education Touracross the country to engage businesses directly through partnerships with local Chambers of Commerce, financial institutions, processors and solution providers such as Square. Upcoming events include Cincinnati (May 5), Albuquerque (May 7), Sacramento (May 14), Boston (May 20), San Francisco (May 22), and Los Angeles (May 28), with more cities and dates to be added.
These events are part of a broader plan to support businesses of all sizes in their transition to chip technology. Visa has a number of other outreach efforts underway, including:
- In partnership with the Small Business Administration, hosting a national webinar on May 5 for business owners about the implications for their businesses as chip rolls out;
- Offering customizable marketing materials and POS signage. Visa will also work with many of the largest U.S. merchants to develop additional POS educational opportunities;
- Educating business card users about the security benefits of their new chip cards. Visa is providing more than 10,000 U.S. financial institution partners with customizable marketing materials including card mailers, online associate training, deployment toolkits, how-to videos and information graphics.
Visa is also committed to helping consumers make the transition to chip technology.VisaChip.com features educational video vignettes and how-to-use demonstrations for cardholders.
About Visa Inc.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.