New EMV regulations are in effect, with a compliance deadline of October 1, 2015.
Merchants that fail to comply by that time may be subject to heavy ﬁnes and will be held liable for any fraudulent transactions that occur.
What is EMV?
EMV actually stands for Europay, MasterCard and Visa, three organizations that joined forces to combat fraud in the payments arena. The group found that payment cards embedded with a microchip, rather than a magnetic stripe, offer maximum protection of sensitive, cardholder data.
As a result, banks are now issuing these “smart” or “chip” cards. And no later than October 1, any device used to accept payments must be able to authenticate and process transactions made with these cards.
Why do I need to be compliant?
For the near future, new smart cards will still be produced with a magnetic stripe as well as a chip, but ultimately mag stripes will disappear all together. To be able to accept and process chip cards, and meet the needs of all your customers, your terminals must be EMV-capable.
More important, however, is the new shift in liability. If your business does process a fraudulent transaction, and your equipment is not EMV-ready, your business will be liable for the cost of that transaction.
What do I need to do to be compliant?
You don’t need to do anything other than pick up the phone and call us. We’ll tell you if any of your products need updating or replacing, and we will provide you with the best solutions at the lowest cost.
If you are upgrading your terminal, please remember to ask us about accepting NFC payments such as Google Wallet™ and Apple Pay™. Digital Wallets like these will become more commonplace, and we have EMV terminals on hand now that can also accept these newer payment types.
What’s the rush?
As the deadline approaches, the demand for EMV-ready equipment is expected to increase. This means reduced supply and, of course, increased pricing. We’d like to help you make the switch when there are many products available, and while prices remain reasonable.
It’s time to become compliant with all EMV regulations. Call me to learn more.