Nicole Slaubaugh

Sep 09 2015

A Big Change is Coming for Your Business on October 1


On October 1, there is an important change happening for businesses that accept credit or debit cards. If you do not have your Point of Sale (POS) Terminal updated to accept microchip embedded EMV (Europay, MasterCard, and Visa) cards you may be held liable for fraudulent card transactions conducted at your business that you may not have been responsible for in the past.

EMV processing is replacing magnetic stripe technology that’s used in the United States. Banks are working to replace customer cards with EMV microchip cards. New cards will have both the EMV microchip and the magnetic stripe on the back so they can be used at merchants that have not upgraded to the EMV terminals. This switch to EMV cards will make it harder for criminals to duplicate card information. EMV cards have a chip inside that assigns a unique code for each transaction, so if the card number is stolen, it can’t be used by thieves to make fraudulent purchases in person.

Not only will upgrading to new EMV terminals reduce fraud risk to your business, but it is a great time as well to consider a terminal that will also accept NFC (Near Field Communication) transactions. With a NFC terminal, your business will have the ability to accept payment technologies like Apple Pay.

With the impending changes there are many independent 3rd party vendors calling businesses to change service providers. Please be cautious when a new vendor contacts you. Prior to changing vendors make sure you review your existing vendor contract, there may be a fee to cancel their service. Also make sure you are getting a comparison that includes how the fees are being accessed, you should see interchange fee or surcharges for rewards and commercial cards, monthly or annual fee for PCI compliance, monthly service fee, contract terms, and what kind of customer service support is available. When it comes to equipment fees—read your contract. If a terminal is free, read the fine print. Usually there are hidden fees to help offset the processing cost of the terminal such as annual fees, a higher monthly fee, longer contract terms, or a large buy out fee to terminate the contract.

Another challenge customers have encountered with independent 3rd party vendors is locating a customer service location or phone number to resolve issues that arise.

At Hills Bank we have partnered with FIS, one of the largest payment processors in the world. They have multiple payment solutions to fit your business needs. Our Hills Bank Commercial Deposit Representatives can work with you and FIS to find the right solution to work for your business.

FIS has created a guide to help businesses prepare for EMV cards. For questions about EMV cards, please contact your Hills Bank Commercial Deposits Representative at 1-800-445-5725 (1-800-HILLSBK) or plan to attend one of our EMV Seminars.

Wednesday, October 21, 2015
Hills Bank, 1401 S. Gilbert Street, Iowa City
8:00 am (Breakfast); 8:15-9:15 am (Seminar)
RSVP online today!

Wednesday, October 21, 2015
Hills Bank, 2481 Hwy 92 East, Washington
11:30 am (Lunch); 12:00-1:00 pm (Seminar)
RSVP online today!

Thursday, October 22, 2015
Hills Bank, 3905 Blairs Ferry Rd NE, Cedar Rapids
8:00 am (Breakfast); 8:15-9:15 am (Seminar)
RSVP online today!

Nicole Slaubaugh

About Nicole Slaubaugh

Nicole Slaubaugh is Senior Vice President, Director of Retail Banking at Hills Bank. She has been at Hills Bank since 2001 with experience in both business and retail banking while helping business owners and customers manage deposit needs. Nicole resides in Wellman with her family and is actively involved in the Wellman community through a variety of non-profit organizations. Nicole can be reached at nicole_slaubaugh@hillsbank.com.


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