EMV has arrived. Are you prepared?
As of October 1, 2015, if your customers pay with an EMV® chip card and you don’t have an EMV-compliant terminal, you may be liable for any transactions found to be fraudulent.
The impact of EMV on your business
The U.S. is the last member of the top 20 world economies to commit to a domestic or cross-border liability shift associated with chip payments. Named for the three companies that created it – Europay, MasterCard, and Visa – EMV is a tiny chip embedded in payment cards that is virtually impossible to counterfeit and offers stronger security than magnetic stripe cards. As its adoption grows, consumers will soon begin using EMV chip cards in all their card transactions.
The main reason cited for not upgrading is a lack of knowledge about EMV.