In today’s world, it is expected that healthcare providers can accept credit cards and that those transactions are secure for both the patients and the practices. During the past four years, card issuers began distributing what is known as ‘EMV chip cards’ that have embedded chips on the cards along with a unique pin number that is used to authenticate transactions against counterfeit cards and data breaches.
These new and improved cards are viewed as welcome additions in combating card present fraud. In 2018 alone the U.S. had card present fraud losses totaling $1.7 billion dollars. Merchants that have added the ability to accept these card types via EMV card readers experienced a drop in counterfeit fraud of 58% between 2016 & 2017. EMV card readers allow for the credit/debit cards to be inserted into the credit card terminal and be authenticated via the chip and a secondary authenticator such as a pin number or zip code.
While almost 85% of all credit cards issued have EMV chips, the ability for merchants to run these cards as EMV has not caught up. It is estimated that only 50-52% of merchants are able to process card transactions as EMV. The cost and resources required to make the transition are the major barriers to larger scale migration.
While the barriers are real, there is no arguing that mitigating the risk of fraudulent card transactions, which can prove costly and time consuming, pays back dividends in the form of confidence in the validity of payments accepted.
While there are many credit card processing options for businesses to choose from, not all of them can provide the level of security and support in addition to ease of implementation that 48% of the remaining non-EMV merchants require to make the leap to EMV.
Here are some questions to ask when reviewing credit card processors that provide EMV options:
- Is the processor able to provide full PCI compliance for all their solutions, thereby reducing the merchants scope of PCI responsibility?
- Does the credit card device offer Point-to-Point Encryption (P2PE)?
- Does the payment solution offer a true single point of service system to capture all card type transactions: inserted chip card, magstripe (swipe), and pin debit transactions?
Many processors may offer some of the mentioned requirements but not all. It is important to choose a solution that is going to offer the most reliability and security while providing a positive payment experience for the patient.
Leading the way in providing a complete solution for providers to capture patient payments, BillingTree has made the security of transactions a top priority. BillingTree provides an all-encompassing suite of payment capture options including online payment portal, echeck, IVR (Interactive Voice Response), SMS Text payments, cash and the ability to accept all credit card types. Newly added to the suite of solutions is the ability to accept EMV cards in point-of-sale transactions through the new Verifone VX805 card reader.
The VX805 reader allows for payments to be processed through card insertion (EMV) and card swipe with debit pin support if the patient does not have an EMV-enabled card. The device is both P2PE validated and PCI compliant, ensuring a reduced risk of fraud liability. Merchants also do not need to access another gateway to reconcile their payments which streamlines the end of day balancing process and reducing strain on staff resources.
With all the new options available, the industry will see a sharp uptick in the conversion to EMV processing over the next couple of years. Patients have the cards ready to be accepted, so now is the time for the healthcare industry to fully adopt and accept them.
Interested in more info on how BillingTree can assist you? Request a Demo.