For those of you wondering why you keep on getting email reminders from me, please see the below information regarding EMV security and what it means for you!
Why you need to update your credit card terminal
There is a new, government-mandated security standard that everyone most conform to called EMV (which stands for the original founders Europay, MasterCard and Visa). EMV is a global card-security standard that has been widely adopted outside the United States to combat counterfeit cards and fraud.
The U.S. is in the process of migrating from traditional magnetic stripe technology to chip technology following EMV standards. EMVCo, which is owned by American Express, JCB, MasterCard and Visa manages and maintains the EMV specifications.
Important Date: October 2016
At this time, liability for fraud shifts to merchants that do not process 75% of their transactions through an EMV enabled terminal. (Exception: for fuel dispensers, the liability shift is October 2017).
Merchants that have not adopted contact chip technology by that time will be liable for losses linked to card fraud, if EMV chip technology could have prevented the fraud. Merchants are strongly urged to upgrade their equipment at some point before the liability shift.
Visa states that Visa issuing banks have started to issue chip-enabled cards at the average rate of 5,000 per day and as of March 31, 2013 there were 3.5 million chip-enabled cards in the U.S. market.
Here are some more great resource for merchants:
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Matthew Koren is the President of Swiftly Paid, a credit card processing and payroll service provider located in Portland, OR. He runs his company, as well as partnering with a consulting practice taking businesses to market in China. You can contact him by filling out the Contact Us page, or by calling 866-402-1485, ext 750.