MasterCard's Chip 360 Helps Businesses Switch to EMV
MasterCard has made a commitment to help small businesses transition to EMV credit card technology before the October, 2015 deadline. The credit card giant has launched Chip 360, a program designed to educate business owners on the steps needed for the transition, while showing how chip-and-PIN protects their customers and their business.
Chip 360 consists of several educational efforts, aimed specifically at small- to mid-sized businesses. These companies can take advantage of EMV Central, an online education center with articles, videos and infographics, all related to EMV technology. Chip 360 also offers webinars and workshops that business owners can use to get one-on-one training with industry experts. Business owners can enter an EMV Makeover Contest, where MasterCard will trade out terminals, train employees, and update software to get small businesses ready for the new system.
“Chip cards all but eliminate counterfeit fraud. We know this because we’ve seen significant fraud reductions in all 80+ countries where EMV has been implemented,” said Carolyn Balfany, Senior Vice President of Product Delivery for the EMV sector of MasterCard. “The power of chip is realized as more cards and terminals are enabled and used.”
She went on to add that EMV technology aims to “drive card fraud out of the U.S. benefiting banks, merchants and, most importantly, consumers.”
MasterCard’s EMV assistance efforts come shortly after Visa launched its own program for small businesses, dubbed Visa Chip Technology. This is an online toolkit that business owners can use to make the transition to EMV as smooth as possible.