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EMV Chip Cards Are Here. Are You Ready?

Issue: Fall 2015

You have likely heard some buzz about EMV Cards (“Europay MasterCard and Visa Cards”), also known as chip cards. Card issuers have been busy replacing credit and debit cards that have magnetic strips with cards featuring chip technology in order to improve credit security. It takes new equipment to handle these more secure chip cards; specifically an “EMV-Compliant terminal.” Henry Schein is working hard to safeguard our customers’ business systems and patient information— and chip cards offer one of the most secure ways for us to do that.

card art expires 2016.jpg EMV Chip Cards Are Here. Are You Ready?

There have been many high-profile cases of data breaches and credit card fraud in the news in the last few years. Credit card fraud costs about $8.5 billion annually in the U.S. Research shows that chip cards are the best defense available to fight the advanced techniques today’s criminals are using to steal consumers’ account information and personal data at the point of sale.

Effective October 2015, liability for some fraudulent non-chip card transactions transferred from card issuers (the banks) to merchants (e.g., dentists, retailers). That means dental practices that are not set up to process chip cards will bear the liability for some fraudulent credit and debit card transactions that they process.

Emphasizing Benefits and Solutions
While credit card fraud affects every industry, the good news is that fraud loss rates in the dental industry are extremely low. Since dentists have a one-on-one relationship with their patients, that familiar connection makes it less likely a client would use a fraudulent credit card. Nevertheless, chip cards help reduce overall fraud, which is a positive outcome for everyone.

As more patients will be using chip cards in the coming year, we want to help our dental clients prepare their practices so they can easily accept
chip card payments.

Our long-standing payment processing partner and the leader in chip card technology, Moneris Solutions, is helping us offer our clients state-of-the-art and cost-effective chip card terminals and solutions. Moneris was the first to support EMV/chip card technology in Canada and has processed more chip card payments than any other North American payment processing company. EMV solutions for Dentrix and Easy Dental customers are coming soon.

To help ease our customers’ transition to EMV chip cards, we’re offering a $250 equipment rebate* to any dental practice that is new to Moneris and upgrades to chip card technology by either buying or renting the Verifone VX 520 EMV/chip card terminal through them. Our customers can purchase a terminal for only $194 or rent one for just $15/month.* So, the rebate more than offsets the purchase price of the terminal or covers the cost to rent a terminal for 15 months.

You will need to upgrade the terminal(s) in your practice to accept chip cards sooner or later. Why not have Moneris conduct a complimentary, no-obligation rate analysis? Henry Schein Financial Services and Moneris offer a $500 rate guarantee;* if we can’t beat or at least match your current credit card processing rates, we’ll give you $500. You will have nothing to lose and you could end up with lower rates or $500.

For more information about EMV chip cards, our current special offers, and our $500 rate guarantee, contact HSFS at 1-800-443-2756 (Option 2) or hsfs@henryschein.com.

*Limited offer for new Moneris customers only. Offers are exclusive to Henry Schein customers.

About the Author: Keith Drayer is Vice President and General Manager of Henry Schein Financial Services (HSFS). HSFS provides health care practitioners with business solutions that enable them to achieve their professional and practice goals. HSFS’ portfolio of resources is designed to give our customers the financial advantage critical to success in today’s changing marketplace.