Updated on November 22, 2021
U.S. businesses are literally months away from October 15, 2015, that’s the date when liability shifts to the merchant and makes them responsible for losses in the case of any compromise at the point of sale if not EMV compliant.
What is EMV?
(Europay, MasterCard and Visa) and why is it important to your business? It’s an emerging chip technology in credit cards that enhances growth, security and fraud protection that makes it virtually impossible to duplicate. Card issuers have already started rolling out these cards to their customers and as many as 40%-70% are expected in 2015 and merchants are responsible for being EMV compliant. Many of your customers will expect you to have this new technology not only for convenience but more importantly for security. It’s important to mention that the liability shift from processors to the merchants starts October, 2015 which means you could be responsible for any breach from your location so we do advise all merchants to start looking for an EMV chip compliant terminal or POS system to avoid any unnecessary risks. BestOfCategoryReviews features award winning Merchant Service Providers that are EMV and PCI compliant, some of which are even offering a complimentary upgrade. We encourage you to check out this source when considering any and all your needs for credit card processing and payment solutions.
A Microchip and Godsend for Security
EMV (EuroPay, MasterCard, Visa) migrates to U.S. for contact and contactless framework as merchants are encouraged to upgrade terminals and embrace chip technologies. The industry has been talking about it for a long time and with all of the security breaches that have happened in the last few years timing couldn’t be better.
The EMV chip card is a credit or debit card with a microchip that makes it essentially impossible to copy or duplicate and proves to help reduce fraud or counterfeit fraud. EMV technology makes the data virtually unusable for fraudsters and reduces monetary value when trying to sell in the counterfeit marketplace.
An interesting statistic is since 2007 credit card fraud increased by 70% in the U.S. and with EMV implementation in the U.K. decreased by 80%.
Resources
http://usa.visa.com/merchants/grow-your-business/payment-technologies/credit-card-chip/index.jsp
