On October 1, 2015, Visa, MasterCard, and American Express are shifting over card-present liability to whomever is the least EMV-compliant party in a fraudulent transaction.
If a fraudulent transaction were to happen at your place of business after October 2015 and you were not equipped with EMV technology, you may be liable for the cost of the fraudulent transaction.
What is EMV?
EMV (Europay, MasterCard, Visa) is a new type of credit card being issued to consumers containing a small electronic chip which protects your customers’ data better than a magnetic stripe alone. A secure, unique code is generated for each transaction. This added security has already been widely used around the world to reduce fraud for many years.
WHAT IS THE EMV LIABILITY SWITCH?
On October 1, 2015, Visa, MasterCard, Discover, and American Express will shift liability of fraudulent card-present transactions to the least EMV-compliant party.
HOW DOES EMV AFFECT MY BUSINESS?
If a fraudulent transaction happens at your place of business after October 1, 2015, and you are NOT equipped with EMV-capable equipment, your business may be liable for the cost of the fraudulent transaction and chargeback fees.
This does not mean your equipment is broken or will stop working. And you will not be fined. It means you may become liable for fraudulent charges and fees if your hardware is not upgraded to accept EMV-compliant transactions.
DO I HAVE TO UPGRADE?
You are not required to upgrade before October 1, 2015—the liability shift is to encourage you to do so. Take the time and figure out what the best decision is for your business.
Here are some of the small benefits of upgrading your POS technology:
- Security — The latest EMV technology has built-in security for each transaction.
- Consumer trust — The new equipment is gaining public interest. Consumers are going to be looking for this type of security in the future.
- Mobile payments — The latest terminal and POS equipment comes with technology to accept NFC mobile payments such as Apple Pay and Google.
Whenever the time is right for your business to make the switch, we have your back. Rest assured knowing we’ll consult with you on equipment upgrades to help make the transition as seamless and easy as possible.
I’M READY TO UPGRADE NOW. CAN PROCESSING SOLUTIONS INC SET ME UP?
Yes! We are equipped with the necessary technology for your terminal to support EMV payments.
WHAT SHOULD I DO NEXT?
Processing Solutions Inc. will help you choose the best solution for your business. Please have your current equipment model number at hand when you call.
- If you’re already a Processing Solutions Inc merchant, contact your sales rep to discuss your needs or call us at 800-279-7350.
- If you’re using hardware from a third party vendor, contact the hardware vendor directly to ask about EMV upgrades.
- Not a Processing Solutions Inc. merchant but interested in upgrading? No problem! Our Support Team is happy to help answer any of your questions. You can reach us at 800-279-7350 or go to our Contact Page and send us a quick message.