Are You Prepared For The Shift To EMV?
EMV credit cards, also known as “smart" cards or "chip" cards, are credit and debit cards that have their cardholder account information embedded in a data micro-chip on the front of the card, as opposed to traditional credit cards where data is stored within a magnetic-stripe on the back of the card. While the two card types look similar, the payment transaction data is handled very differently. Traditional credit cards are swiped through a "magstripe" reader found on a credit card terminal or POS system when authorizing a transaction. Although currently EMV cards can also be swiped through magstripe readers, they have the added benefit of being readable through credit card processing devices that are enabled with EMV micro-chip readers.... Providing a virtually 100% secure transaction!
EMV cards help prevent in-store fraud and are nearly impossible to counterfeit. EMV technology increases both cardholder and merchant security, and is now becoming the global standard for both credit and debit card payments. While the majority of countries in Europe and Asia have already embraced the use of EMV cards, the United States is only now in the process of requiring credit card issuing companies and the merchants who accept them, to adopt EMV.
The October 2015 Liability Shift & How Will It Effect You!
To expedite the adoption of chip technology, Visa, MasterCard, Discover and American Express are requiring merchants to update their processing equipment with EMV technology by implementing a liability shift for all domestic and cross-border counterfeit transactions that becomes effective October 1, 2015.
Once the liability shift goes into effect, merchants who have not upgraded their equipment to chip-enabled acceptance technology (terminals, POS systems, etc), may be held financially liable for in-store fraud, that could have been prevented with the use of a chip-enabled acceptance device.
Reduce risk of counterfeit, lost, or stolen card fraud
Eliminate financial liability for non-EMV acceptance
Prevent card skimming at the point-of-sale
Accept foreign cards that are already EMV enabled
Modernizes your point-of-sale by supporting EMV and Near-Field-Communication (NFC) technology
Harbortouch Award Winning Products and Customer Support
Does EMV Eliminate PCI Compliance Requirements?
The acceptance of Europay, MasterCard, Visa (EMV) cards does not eliminate
or alter Payment Card Industry (PCI) Data Security Standards that are applicable
to all merchants who utilize a credit card processing merchant account within the United States. Therefore PCI regulations remain in effect, after implementation of EMV, for all merchants who accept credit card payments from their customers.