Hardware Retailing

MAR 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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Page 25 of 114

March 2018 | HARDWARE RETAILING 19 The cost to upgrade to EMV is reasonable for many merchants. While the upfront cost of upgrading equipment and training staff may seem cost-prohibitive to some, each business operator needs to carefully evaluate if its future fraud losses will be higher than the costs of upgrading. Credit card terminals that support EMV can be purchased for just a few hundred dollars. So, businesses that use a single POS terminal can upgrade to EMV for the cost of a night out with their spouse. On the other hand, many businesses use POS systems to manage their business. It can be expensive to upgrade such systems depending on many factors, including the specific POS software and hardware, the number of stations and service fees charged by the reseller or dealer. For most retailers, the long-term benefits will outweigh the costs because EMV can help merchants decrease fraud, lower chargebacks, increase customer satisfaction and build trust and adopt new technologies, such as contactless payments. Upgrading to EMV is too costly. 3 MYTH All merchants who accept card-present payments will be impacted by the transition to EMV. Many small operations may have low fraud rates now, but that is likely to change. Criminals are good at finding the most vulnerable targets to defraud. As the larger retailers implement EMV-capable point-of-sale systems, small retailers who don't implement EMV will become an increasingly attractive target for counterfeiters. 4 Small merchants don't need to worry about EMV. MYTH Fraudsters may shift their efforts online, but reducing card-present fraud is highly beneficial. EMV has proven to significantly reduce card-present fraud around the world, especially counterfeit card use. Plus, EMV card manufacturers are working on other features to make card-not-present transactions more secure, such as one-time passwords, on-card displays and other features accessible through personal card readers. 5 EMV won't solve the fraud problem because fraud will shift online. MYTH redlionproducts.com Red LionĀ® Battery Backup System When the electricity goes out, homeowners will have peace of mind knowing their investment is protected with the Red LionĀ® Battery Backup System. This efficient pump puts less strain on the battery, and the proven switch technology minimizes mechanical hang-ups. They have a nice basement. Keep it that way.

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