An EMV Credit Card Is Coming to Your Store Soon. Now What?
A few months have gone by since the October 1st, 2015 deadline for the EMV Chip conversion in the United States. Did this affect your business? Were you aware and did you implement changes to ensure you are compliant with the new regulation? In either case, this blog is for you. If you have card-present transactions, you need to understand the impact this has on your business moving forward.
What is EMV?
EMV, which stands for Europay, MasterCard, and Visa, is a global payment standard, which provides the consumer/cardholder a consistent experience around the world. Typically, America is the leader, but this time we are the last to fully implement this next security evolution for credit card processing. When EMV is fully implemented, like it is in other countries over the past several years, there has been a reduction in counterfeit and stolen credit card usage for card-present transactions. This saves both merchants and processors valuable money and time.
EMV enabled cards are the ones with that funny looking chip on the front of the card. That small chip is the technology used to stay one step ahead of the criminals. Just think of the changes that happened to the United States currency in the last several years to prevent fraud and counterfeiting. These changes are just a part of life. As a client of American Payment Solutions we have you covered.
In the long run, this is good thing for all. In the short run, this is not as much fun because the deadline is here and not everyone is ready or understands EMV. In fact, most gateway providers and manufacturers are behind the deadline, still scrambling to become EMV Compliant.
What has happened since October 1st, 2015?
A major liability shift has occurred since October 1st 2015. If your customer is a criminal using counterfeit or stolen cards, you will be held liable for chargebacks if you are not utilizing the proper hardware or software. The reality of these credit card charges is fairly simple: the liability will fall back to the party using the least secure technology. Thus, the sooner you work with us to have at least one EMV enabled terminal in place, the sooner you are covered against the liability shift. As stated above the liability will fall back to the party using the least secure technology.
Most merchants rely heavily on their current processor to help them assist with chargeback risks, security risks, and PCI Compliance Assistance. American Payment Solutions is an industry leader, and we will assist you to become compliant ASAP. If you are concerned that you are not compliant and are exposing your company to undue liability, reach out to DSD Business Systems and the APS teams. We will provide you with a no-cost review of your merchant account, a demo of our software, and help you to streamline your company’s processing in a secure way.
Written by Bryce Deeney, at American Payment Solutions
