Sterling Offers Free EMV Card Protection Plan for Businesses
The transition to EMV credit cards has shifted a great deal of liability to retailers, leaving them possibly responsible for fraudulent transactions. One company is now offering a protection program for businesses that are still working toward EMV acceptance.
Sterling Payment Technologies, a company that offers electronic payment services to retailers, restaurants and other hospitality industries, announced on Friday it would offer a no-cost coverage to its clients that provides protection for up to $2,000 in fraudulent charges. The protection plan will automatically protect current and new clients.
While many companies are not yet prepared for the EMV transition, small and medium sized businesses seem furthest behind. A survey in July from the business tech comparison site Software Advice showed that 64% of single-store retailers did not have an adequate point-of-sale system in place.
“The transition to EMV cards has put these businesses at a disadvantage,” said Paul Hunter, President and CEO of Sterling. “We’re launching this program to provide customers with peace of mind as they transition to the right EMV solution to meet their specific payment needs.”
While many businesses simply need to replace or upgrade their current equipment to process the new chip-enabled cards, some establishments such as restaurants and bars use “more sophisticated point-of-sale systems” to accept payments and assist with scheduling, promotions, and inventory.
According to Hunter, it is Sterling’s hope that the protection plan will stop business owners from tossing together an inadequate EMV solution.
“By providing coverage past the deadline, we can help ensure that anyone unprepared is evaluating the best options, taking the right path to compliance, and adding business intelligence.”
In addition to the protection plan, Sterling is offering business owners the option of contacting them to get assistance implementing an EMV-ready system. The company will also review its client’s current plan to make sure it properly complies with new laws.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.