We've been talking about EMV for what feels like an eternity now. With a massive year-long effort to get all of our clients' set-up with EMV compliant equipment, we were very successful. Backing it up a bit - in 2015 consumers began receiving their chip cards and these cards set the groundwork for many industry related changes and benefits. Businesses needed to gain the capability to accept these new cards and without a very clear picture and/or a proven track record, the thought of updating their equipment and changing the way they have done business forever wasn't exactly met with a smile. However, we are pleased to be here today to say that the benefits of being EMV-compliant continue to grow for businesses. We are going to be highlighting one today. One of which has not been adopted by many businesses and we believe that it's simply because of low awareness.
This one particular requirement reduction during a payment transaction could significantly reduce the amount of time it takes a business to check out their customer as well as giving the business to save in storage. Drum roll please, all four major card brand networks, Mastercard, Visa, Discover, and American Express, no longer require EMV-compliant merchants to collect signatures on credit or debit purchases. Yes, this multiple decade long requirements, the sign on the dotted line motion that we are all used to and comforted by, is no longer required!
The lack of requirement leaves it optional. This is huge. Some retailers have taken this great change with open arms, highlighting that removing this step helps them speed up the checkout process and eliminates the requirement to save receipts, and the cost of storing them. Most retailers, however are still having their customers sign the receipts. For years, it was imperative for the business to have a signature as they relied on that one piece of "proof" if the transaction was disputed as well as a way to prevent fraud. We can completely understand how making that change doesn't come easily or naturally to many businesses.
We see both sides on adopting this new change. We'd love to hear where you stand. Share with us below.