What is EMV?
EMV, (Europay, MasterCard, Visa) is the global standard for the implementation of chip cards which are also known as “smart cards”.
Chip Cards are being used all over the world except in the U.S. We are finally catching up with a hard date for implementation of October 2015.
A Chip Card contains an embedded chip which stores the encrypted information of the card holder in place of storing it on the magnetic stripes like we do now.
Chip Cards offer the card holder and merchant a much safer, more encrypted process that helps to protect the card holder’s sensitive information.
What Do You Need to Implement EMV in your Business?
Merchants will need to replace their traditional magnetic stripe terminals with smartcard technology terminals. These will enable merchants to except credit and debit cards which contain the embedded microchip identification.
When a customer wishes to pay using this system, the card is inserted into a “Point of Sale” terminal or a modified pin pad, which accesses the chip on the card.
Liability Shift- October 2015
Whenever card fraud or a breech occurs, a determination needs to take place to determine who is liable for the costs. When the liability shift happens, what will change is that if there is an incidence of card fraud, whichever party has the lesser technology will bear the liability.
So, if a merchant is still using the old system, with a swipe and a signature they will be liable for any fraudulent transactions if the customer has used a chip card.
And the same goes the other way – if the merchant has a new terminal, but the bank hasn’t issued a chip card to the customer, the bank would be liable.
Do you have a plan for EMV Implementation..?
Contact us at Source One at (888) 717-6872 for more details on how you can prepare yourself for the onset of EMV. Help protect your business with Source One.
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