Merchant Card Services

A rule of thumb in business: the easier you make it for customers to pay you, the more likely you are to get paid. Expand your incoming cash flow with the help of merchant card processing services. This convenience provides you the ability to process major credit and debit cards at the point of sale.

Not only does this service cut down on processing time, errors, and billing expenses, it also helps you realize actual funds quicker. Contact a Sutton Bank representative about setting your business up today.

    Summary
    • Available to Sutton Bank business customers
    • Provide additional payment options for your customers
    • Accept major credit and debit cards for increased versatility
    • Boost your bottom line by making it easier for people to pay you
    • Reduce processing time and human error
    • Reduce billing expenses
    • Equipment is easy to use and set up
    • Streamline billing and record-keeping
    EMV Chip Cards Information

    What are EMV cards anyway and what makes them safer?

    EMV (short for Europay, MasterCard, Visa) cards are basically the same as your standard magnetic stripe "swipe-and-sign" cards, only they're more secure, says Stephanie Ericksen, global risks products vice president at Visa.

    The added security is packed into a small, "smart" microprocessor computer chip embedded in the card. The metallic microchip, which Visa claims is "nearly impossible" to counterfeit, stores and safeguards private cardholder data. Every time the card is used, the chip generates a unique, one-time authentication cryptogram signature that proponents of the technology say is incredibly difficult to duplicate.

    "It's quite difficult to clone the chip," says Eric Dunn, senior vice president of payments and commerce solutions at Intuit. "It's not that hard, unfortunately, to clone a magnetic stripe card, so this means bad guys who try to earn a nefarious living by skimming magnetic card numbers and recreating magnetic stripe cards can't do that when the world migrates to EMV chip cards."

    What does "liability shift" mean?

    "Liability shift" is the term banks and payment processors are calling the Oct. 1, 2015, deadline to switch to EMV. "It's named as such because it denotes a change regarding who pays when certain bad thing happen," Dunn says.

    Right now, if you process a fraudulent card, the card issuer absorbs the cost, whether it be Bank of America, Chase, Capital One, etc. After the "liability shift" hits, if someone pays with a fraudulent chip card and you haven't upgraded to an EMV reader yet, the liability falls on you. The card issuer is off the hook.

    For example, if a fraudster purchases $1,000 worth of printer jet ink from an office supply store with a counterfeit EMV chip card, and the store doesn't have an EMV chip card reader to run the transaction, only the old magnetic swipe-and-sign system, the store will be responsible for the $1,000.

    What's in it for me? Why should I take the time and money to switch?

    First and foremost, transitioning to EMV will protect your customers from fraud. It will also safeguard you from being liable for any counterfeit fraud that your customers should fall victim to when paying with EMV cards at your establishment.

    Second, your customers will come to expect EMV terminals at places of business. "More and more will be coming in with EMV chip cards and they'll understand that using them is more secure for them," says Ericksen.

    And third, because most EMV chip terminals also accept NFC based mobile payments, like Apple Pay and Google Wallet, you'll be able to accommodate customers who want to pay for purchases using the latest payment tech innovations.

    How will the new EMV chip cards be read?

    Some payment processors are playfully calling the method the "chip-and-dip." It's simple. Instead of swiping cards like they used to, customers will insert or "dip" their cards into a receptacle slot within the EMV card reader. Chip cards are then held in place in the reader for the duration of the sale while the reader and the chip inside the EMV card communicate back and forth. Once a customer removes an EMV card from the terminal, they can either sign for the transaction or enter their PIN number, if necessary.

    Is the switch voluntary?

    Yes, it absolutely is. No one is going to twist your arm or force you to change, neither your existing payment processor nor your card issuer, nor your bank or credit union. It's entirely up to you to switch to EMV on your own. If you haven't already, Ericksen says you will likely receive information "very soon" from your existing payment processor or bank encouraging you to make the switch, likely along with a list of their EMV reader products and prices.

    Intuit, for example, has already emailed a large number of its QuickBooks customers, Dunn says, informing them of the upcoming "liability shift" deadline and announcing the company's new EMV reader.

    You can upgrade to EMV through your existing payment processor or bank. Contact us at 800-422-3641 if you currently utilize our Merchant Services.

    If you don't make the switch, you will not be fined or suffer any type of financial slap on the wrist from the banks and payment processors, outside of fraud liability, that is.

    How long will the switch to EMV take?

    Ericksen expects the transition to EMV to be long and gradual. "It will take a couple of years to get to higher and higher levels of EMV implementation, as we've seen from other markets." She's referring to markets where merchants have already embraced EMV cards, 80-plus countries including Western Europe, Mexico and Canada, some for up to 15 years already.

    Visa estimates that there are approximately 181,000 EMV chip merchant locations in the U.S. already and more than half of the EMV transactions the company is seeing come from small businesses, Ericksen says. By the end of this year, Visa projects that 47 percent of the merchant card reading terminals in the U.S. will be upgraded to EMV chip technology. Roughly slightly more than 10 percent of Visa cards in circulation today have chips embedded in them, about 78 million in all.

    Will I still be able to process transactions for customers who don't yet have EMV cards?

    Yes, new EMV card processing machines are equipped to accept the old, magnetic stripe-only cards, as the majority of Americans are still waiting to receive EMV chip cards from their banking and other financial institutions. On the flip side, in addition to embedded chips, the new EMV cards are also equipped with magnetic stripes so they can still be used in magnetic stripe-only terminals.

    More information on EMV Chip Cards can be found at GoChipCard.com.