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Bart Perkins: Forget the expense -- more secure credit cards are an opportunity

Bart Perkins | June 18, 2014
Cost has kept U.S. businesses from adopting fraud-resistant credit cards, but consumer concerns about privacy could make adoption a key differentiator.

Although some banks already issue EMV-compliant cards, and a few large retailers (including WalMart and Kroger) are already rolling out EMV card readers, many companies will fail to meet the specified deadline, due to the large investment required. However, savvy retailers view EMV as an element of outstanding customer service. Address your customers' privacy concerns by publicizing your higher security standards as an extraordinary effort to protect their data.

Don't view EMV compliance as another pesky regulatory mandate. Instead, approach EMV as a market differentiator to attract and retain customers who value privacy protection. Let your non-compliant competitors suffer the legal, reputational and financial liability risks. Be the first in your market sector to adopt EMV standards, and win invaluable customer loyalty.

 

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