It is important to note that even while many merchants may have low fraud rates now, that is likely to change. This is because criminals will most likely shift their focus to retailers who don't implement EMV right away because they will be an easier target in comparison to the larger retailers of the world, many of whom will soon have EMV-capable POS systems if they don't already.

If you currently have a standalone credit card machine, upgrading is a pretty simple process. If you have a terminal that has a slot on the front where a customer would enter their EMV card, you may be ready to accept chip cards, or you may need a new software download. However, if you have an integrated POS system, the process is much more involved and more expensive. Plus, there are less EMV-capable POS systems to choose from at this point in time because many providers don't offer an EMV solution just yet.

The more international customers you have, the sooner you should consider upgrading your terminals and systems. Customers from Europe, Canada, Latin America and Asia expect the heightened payment security they currently receive at home and around the world. The U.S. is one of the last major countries in the world to switch to EMV-equipped payment cards. It's also important to note that many foreign cards do not have a magnetic stripe. This means that if you don't support EMV you will need to hand key the transaction, which will likely result in higher fees and more risk

Most POS terminals that accept contactless payments will also be EMV capable. Chip cards are equipped to work with contactless technology, allowing cardholders to quickly make payments, often without a PIN or signature required. Upgrading POS equipment to accept EMV cards can also allow your business to accept contactless payments.