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The concept of Pay-at-the-Table may seem foreign and quite simply the answer is, because right now it is. Most popularly used in Europe and Canada, EMV and Pay-at-the-Table has reduced fraud in the rest of the world by 80% since 2012 while fraud and system security breaches have risen by more than 50% in the US in that same time. Before diving too in depth with Pay-at-the-Table, I want to make you aware of EMV, what it means to you as a business owner, and what you need to know about it. As a result of the increasing fraud risks in the US, EMV (Europay MasterCard and Visa) compliance went into effect as of Oct 1, 2015.
What does EMV mean to me as a business owner?
- If you are still using the magnetic stripe only devices and your customer has an EMV enabled card, you are liable for any fraud that may result from that transaction. In other words, if the card number is replicated and used to buy $10,000 worth of stuff, you owe the $10,000 in addition to any fines or fees.
- If you have the new EMV enabled credit card readers but the bank hasn’t issued the customer an EMV enabled card, the bank is liable for any fraud that may result from that transaction.
- If you use the new EMV enabled credit card readers on a customer’s EMV enabled card and fraud still takes place, then the credit card company bears the liability, as is the case today.
- If your system encounters a breach and you are not EMV compliant, you as the business owner will be held liable for any damages incurred by the breach, not to be limited to the just the damages caused by the stolen card information but fines from the networks and the card companies involved as well.
Most likely you have heard about some of the latest system breaches with Several divisions of BlueCross Blue Shield (2015; 12.1 million records compromised), TMobile (2015; 15 million records compromised), Ashley Madison (37 million records compromised), JPMorgan Chase (2014; 76 million records compromised, 2009; 2.6 million records), Home Depot (2014; 56 million card holders information stolen), Target (2013; 70 million card holders information stolen), Heartland Payments (2008; 130 million card holders data stolen), Uber (2016; 50 thousand records compromised) . Chances are you recognized a business or two in that short list. The bitter truth about data security and breaches is it happens at the local level 80% more often than at the corporate level. The main difference is these corporations can usually afford the average cost of a breach totaling over $1 million in damages and fines, where a local business usually cannot and are forced to close their doors.The EMV solution for restaurants is moving in the direction of a Pay-at-the-Table solution. CSBANK has several options for Pay-at-the-Table and EMV for restaurants and fine dinning establishment. Please see the diagram below to see how an EMV pay at the table solution will not only increase card transaction security but increase productivity, efficiency, and customer satisfaction.
Our most popular solution utilizes the Clover System and an integration that syncs with some of the most used point-of-sale- systems including Aloha, Micros, Positouch, DinerWare, and more. This solution allows the waitstaff to take orders on the Clover Mobile/Flex, send drink orders to the bar printer , send food orders to the kitchen, and take payments at the table when patrons are finished with their dining experience.