How to Prepare Your Restaurants for the EMV/Liability Shift
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Get an overview of the EMV/Liability Shift and how it affects restaurants. You'll learn what it is, five ways to prepare and quick tips for success. View the complete webinar here: http://go.wandcorp.com/emv
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How to Prepare Your Restaurants for the EMV/Liability Shift
- 1. October 1st is Coming…How to Prepare Your Restaurants for the EMV/Liability Shift #WANDEMV @WANDCorporation
- 2. Agenda #WANDEMV @WANDCorporation • Introductions • What is the liability shift • Five ways to prepare • Quick tips for success • What’s coming next • Recap • Q&A
- 3. FOCUS 100% focus on QSR/Fast Casual Restaurants TECHNOLOGY History of unbeatable restaurant innovation SERVICE Endless quest to deliver total customer satisfaction The WAND Difference #WANDEMV @WANDCorporation
- 4. Introductions #WANDEMV @WANDCorporation Bill Chesney VP of Sales and Marketing 30 Years a Sales Ninja Favorite Food: Grilled Salmon Chuck Gehman VP of Product Management 19 Years a Tech Fanatic Favorite Food: Porterhouse Nate Hubert Senior Product Manager 12 Years a Security Guru Favorite Food: Sushi
- 5. What Is the Liability Shift? #WANDEMV @WANDCorporation
- 6. #WANDEMV @WANDCorporation Liability Shift • Shift liability from credit card company to the merchant • 110 million known account breaches in 2014 • More than half of consumers blame merchant Sources: 2014 Ponemon Institute Research Findings. 2014 YouGov.com Credit Card Survey Results.
- 7. #WANDEMV @WANDCorporation EMV Chip and PIN Cards • Europay, Mastercard, Visa • Swipe versus dip • Embedded computer chip • PIN number • Chip and signature also included
- 8. #WANDEMV @WANDCorporation Potential Liabilities • Cost of a breach = $174 per record, $5.5 million average • Lost customers/revenue • Damaged reputation (big brands still recovering from 2014) Sources: 2015 Ponemon Cost of Data Breach Study.
- 9. #WANDEMV @WANDCorporation Why add EMV readers? • Decrease liability • Avoid lost sales • Meet customer expectations • Be less attractive to hackers Bonus Benefit: • Ability to accept contactless payments (Apple Pay, Google Wallet) Source: Chip Cards Consumer Attitudes Report. MasterCard.. May 2015.
- 10. #WANDEMV @WANDCorporation Recap – What is the Liability Shift? 1. Liability shift October 1st 2. More secure EMV Chip and PIN cards 3. Increased potential liabilities 4. Get EMV readers in place now
- 11. Five Ways to Prepare #WANDEMV @WANDCorporation
- 12. #WANDEMV @WANDCorporation 1. Use EMV Terminals to Enhance Security
- 13. Five Ways to Prepare #WANDEMV @WANDCorporation 2. Use terminals that encrypt credit card data. 2. Use Terminals that Support Encryption
- 14. Five Ways to Prepare #WANDEMV @WANDCorporation 3. Use terminals that support NFC technology for contactless payments. 3. Use Terminals that Support NFC Technology
- 15. Five Ways to Prepare #WANDEMV @WANDCorporation 4. Comply with Payment Card Industry Data Security Standard (PCI DSS). 4. Comply with PA-DSS
- 16. #WANDEMV @WANDCorporation 5. Consult with your POS Provider
- 17. #WANDEMV @WANDCorporation Recap – 5 Ways to Prepare 1. Use EMV terminals 2. Use terminals that support encryption 3. Use NFC technology 4. Comply with PA-DSS 5. Consult with your POS provider
- 18. Quick Tips for Success #WANDEMV @WANDCorporation
- 19. Quick Tips for Success #WANDEMV @WANDCorporation View this as an opportunity to improve security and operations. Be proactive and not reactive. Customers are super excited for this – turn it into a win! Drive traffic from key early adopters (i.e. Millennials) Designate a champion on your team.
- 21. #WANDEMV @WANDCorporation Payment Landscape will Keep Changing • Continuing adoption of contactless payments • More chip cards being distributed • More high-profile breaches • Equipment providers, POS providers and processors working together • Better and safer payment solution
- 22. #WANDEMV @WANDCorporation What You Should Do Next • Don’t rush out and buy EMV terminals • Engage with your POS provider • WAND’s new payment products
- 24. #WANDEMV @WANDCorporation Recap • Potential liability • Customers want new tech • Be proactive • Turn this into a win
- 26. Contact Us #WANDEMV @WANDCorporation Bill Chesney VP of Sales and Marketing Favorite Superhero: Superman Bill.Chesney@wandcorp.com Chuck Gehman VP of Product Management Favorite Superhero: Batman Chuck.Gehman@wandcorp.com Nate Hubert Senior Product Manager Favorite Superhero: Spiderman Nate.Hubert@wandcorp.com
Editor's Notes
- CHES Welcome to the webinar!
- CHES Objectives for today – Goal is to educate you on the new EMV chip and PIN cards and the upcoming liability shift on Oct 1 Inform you of some ways to prepare and tips for success Conduct a Q&A session Housekeeping – ask questions in go to webinar, we will share the slides later today and the recording next week, webinar is 30 minutes and we will definitely end on time, talk with us on Twitter throughout the webinar
- CHES 100% restaurant focused History of top technology We deliver total customer satisfaction Over 3,000 locations in 20 countries Work with more than 50 brands Delivering digital menu boards, point of sale and back office restaurant solutions
- CHES Our team will briefly introduce ourselves (everyone do their own intros). I’m Bill. I’m Nate. Founded IT security company. Now Senior Product Manager here. Will be helping out with Q&A session. I’m Chuck….let’s get started.
- Chuck What is the liability shift? Deadline imposed Who is imposing it What’s going to happen, what it means for you
- Chuck Today, liability on credit card to protect merchant Lots of breaches in 2014 so credit card companies took action On October 1st the liability shifts from the credit card company to the merchant Mandated EMV cards be used Merchants must handle EMV cards in a certain way If merchants don’t do this, they assume liability for credit card fraud
- Chuck Been around for years worldwide – Amsterdam story Credit cards issuing cards now Difference between chip and pin cards – swoosh swoosh cab story EMV chip cards are embedded with a computer chip for protection Chip and Pin is most commonly known but there are also chip and signature cards Credit card companies are educating consumers Key takeaway here is chip and pin cards are more secure to the consumer and they don’t allow for any info to be stored in your POS.
- Chuck It’s not just about EMV It’s about your POS system If your POS is storing credit card info via magnetic strip… Ponemon: $174 per record with an average breach costing $5.5 million Bigger issue is lost customers and revenue. A major retailer had their profits fall 46% in Q4 of 2014 after their breach, estimated it cost them $61 million and they are still making payroll cuts because of it. Damaged reputation will cost you too. Key takeaway here is there are some big liabilities with not taking any action.
- Chuck The main step retailers is taking is to get EMV readers. Why add them? Avoid the fines and lost sales we just discussed. Huge reason to add them is customers expect to use chip and pin cards (3 out of 4). You wont be so attractive to hackers (like the ADT security sign on a house). Another bonus benefit to using them is most have NFC technology to accept contactless payments like Apple Pay and Google Wallet, more on that in a minute. Key takeaway here is it’s better to have EMV readers, even if they aren’t used fully yet, than not have them.
- Chuck Recap the key points
- Chuck So we know this shift is coming, we know we need to prepare, let’s talk about what that looks like.
- Chuck Use EMV Terminals to enhance security. This is an example of the terminal we use but… remember not all terminals are created equally. Get hardware that is open and works with everyone. Don’t want to limit yourself. Not just about purchasing EMV terminals, but that’s a first step toward protection. Need one for every register that accepts payments, not for order-only ones.
- Chuck 2. Use terminals that support encryption Words to listen for with POS providers: Data encryption. Tokenization.
- Chuck 3. Use terminals that support NFC technology for contactless payments. This is the cool factor you want. Will attract millennials and high revenue clientele.
- Chuck 4. Comply with Payment Application Data Security Standard (PA-DSS) Compliment your PCI initiatives. Less of a compliance burden. Reduce your PCI cost.
- Chuck 5. Consult with your POS provider who should understand your industry and your company’s unique needs. Joint effort between you and POS company and credit card process. Has to all work together but it doesn’t always. Lots of details. Payment marketplace changes, want an open solution to roll with changes.
- Chuck Recap the key points
- Chuck Make this a success for your company.
- Chuck
- Chuck So what’s coming next with this?
- Chuck More changes are on the way. Payments landscape is certainly not standing still. May want to plug your new eBook coming out soon
- Chuck What you should do next
- Chuck Let’s do a quick recap before we go into Q&A
- Chuck EMV isn’t a big scary thing but… There’s high-risk not to make the switch Customers now expect to pay this way No company wants outdated technology Better to be ahead of the game then behind Much better to be the hero than the victim WAND customers – contact your Account Manager
- CHES Questions 1-When do I need EMV readers in my store? 2-Do I need a reader for every register? 3-How much does it cost to install EMV readers in my store? 4-How do EMV readers work in the drive thru with handing through the window, various weather conditions, etc.? 5-Can EMV readers still accept people without chip cards? 6-Will EMV readers accept loyalty and gift cards?
- CHES Contact us via email Webinar slides and recording will be sent later today