EMV support is coming to both Edge and ViewPoint! Here's what you should know.
EMV cards store their data in chips rather than magnetic strips like we have come to know. These cards can still be swiped (the old way), but are designed for new insert readers. Having credit card readers that use the EMV technology is not a law, nor is it mandatory for merchants. It is a transitional shift to move merchants from swiped credit card transactions to chip cards, and it will take time to complete the transition.
With this change, liability is shifting away from the card issuer, and will most likely end up on the merchant. This will mean that if an EMV card is presented to a merchant that has not adopted EMV terminals, financial liability for counterfeit fraud for that transaction will shift to the merchant. In our opinion, the risk of fraud in an orthodontist’s office is extremely low. Even with the recent liability transfer, in order for you to be liable a fraudulent credit card would have to be accepted during a swipe transaction that would have been rejected by a new chip reader.
Here's some information we think you should know:
When will it be ready?
Edge: XCharge is nearing completion. An integration for Element will be developed next. Vanco is currently determining solutions for supporting EMV.
ViewPoint: XCharge is compatible with ViewPoint 11, which has been released. An integration for Element will be developed next. Vanco is currently determining solutions for supporting EMV.
Where do I purchase a device?
Devices should be purchased directly from your payment processor. Ortho2 does not recommend any particular product. You and your payment processor should decide what is best for your office.
What is required of me?
You will need to purchase a new credit card device from your payment processor, in addition to upgrading your payment software. It is extremely important to also ensure you are on the most current release of your practice management software.