You have likely been hearing a lot lately about Europay, MasterCard and Visa (EMV) smart card technology. With credit card fraud reaching epidemic proportions—costing $8.5 billion annually in the U.S.—the credit card associations have responded by leading the adoption of EMV standards in the U.S.
As always, Henry Schein Practice Solutions is working hard to safeguard Dentrix customers’ business systems and patient information—and EMV offers one of the latest ways for us to do that.
First, let’s answer a few basic questions you may have about EMV:
So how does all of this affect your dental practice? While credit card fraud generally affects everyone, it only marginally exists in the dental industry. Your one-on-one relationship with your patients makes it highly unlikely that one of them would attempt to use a fraudulent credit card. Nevertheless, EMV helps reduce overall fraud, which is a positive outcome across the entire payments sector.
While it is important to prepare for the October liability shift, some dental practices are bound to miss that deadline. In fact, Visa estimates that by the end of December 2015, only about 58 percent of merchants in the U.S. will be EMV-enabled.
Keep in mind that dental practices that are not EMV-capable by October will only be liable for the cost of any fraudulent charges made on non-EMV credit cards. In other words, the credit card industry will not be assessing any additional penalties, fees or fines for dental practices that have not transitioned to EMV by the deadline.
An Opportunity to Enrich Your Business
The transition to EMV offers an excellent opportunity to boost service levels and your reputation by helping your patients understand the benefits EMV provides them. One of the biggest? The peace of mind from knowing their data protection has been reinforced with microchip security, making it even more difficult for fraudsters to clone personal card information.
In addition, many new-generation EMV-enabled terminals and point-of-sale (POS) systems will support new contactless mobile payments, such as Apple Pay, which offers your patients additional payment options, quicker transactions and convenience.
As you prepare to shift to EMV standards, it’s also a great time to assess the investment you’re making in your dental practice, including your overall payment-processing program.
With the EMV changes, you may want to consider upgrading your systems and investing in a unified, integrated software solution that combines a management software product with the latest payment processing, including EMV capabilities. This solution can provide enhanced productivity and efficiencies for your practice, especially if you would like to streamline the way you manage your practice, add more convenient payment options for patients and offer the improved security of EMV credit and debit card payments.
We’re working closely with Moneris Solutions, our payment processing partner—and the North American EMV leader—on EMV solutions and services for our Dentrix customers.
In addition, we will be releasing technology to support contactless mobile payments in the near future, such as Apple Pay, and other emerging payment technologies to bring the latest convenient solutions to you and your patients. We’ll keep you updated on product offerings and timing to help you quickly and easily make the transition, so you can start accepting EMV smart cards and contactless payments.
We encourage you to reach out to us directly with any questions, concerns or requests for the latest accurate information about EMV solutions. Please call (800) 734-5561 to reach a member of the eServices support or sales team.