If your bank didn’t send you one already, your next credit card will be a chip based or ‘EMV’ card, different from your strip/swipe card. As part of ongoing credit card fraud and security issues, banks and credit-card issuers are moving to microchip-based cards. The change was mandated for last October but credit card processors are still implementing the updates.
EMV cards, or “Europay, MasterCard and Visa” was supposed to be issued and in use by the end of 2015. Canada and Europe have been using the new chip cards for years. For the U.S., the move to chip cards is not a federal requirement, however, clinics will want to be able to accept payments in as many forms as possible. There are other incentives, such as the changes in liability from credit-card issuers to the businesses that accept payment. For those businesses that choose not to upgrade they may be held liable for fraud by the card issuer and not protected from a charge back.
The scanners themselves look similar to the ones in place today but do have a higher price tag. The bigger challenge is ensuring your software is upgraded to handle the new technology.
Outsource Receivables has partnered with iPayX to deliver a cost effective and customized solution tailored for mid-size independent practices. The tool offers on-line patient payments, detailed customer service payment entry options, and automated daily reporting and posting among other features. And of course, the system supports the EMV readers and software upgrades. ORI began deploying the system and upgrades since 2015. If you would like more information on outsourcing technology and services to transition your clinic give us a call.