As that October 15th deadline approaches, POSIM is taking the liberty of getting you and your retail POS ready (You can thank us later)! As you learned from our last EMV post (Finally, the EMV Card for POS Systems for Retail), you will need an updated retail POS device that can accommodate the EMV “chip” or “smart card”. We pulled together a list of five things we think are beneficial for you to know about EMV.
5 THINGS YOU SHOULD KNOW ABOUT EMV THAT WILL AFFECT YOUR RETAIL POS
EMV was formed by EuroPay, MasterCard and Visa to create standards for electronic payment processing. Widely accepted by most places in the world, EMV processing has yet to be adopted in the U.S.
EMV secure payment transactions include, card authentication, cardholder verification, and transaction authorization. It is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully, unlike a magnetic stripe card.
A shift in liability for fraud will take place on October 1, 2015. The liability for fraud will shift from the credit card issuer to the merchant accepting card present payments processed with devices that are not EMV-enabled.
EMV is not a compliance requirement, however liability is shifting to the merchant for card present transactions, it is critical to protect your business by upgrading to an EMV enabled solution.
At this time, card-not-present payments are unaffected. This includes recurring payments or any transaction where a purchaser is not physically presenting a card for payment.
Stay tuned for our next blog regarding EMV. We are here to help you every step of the way on this subject (and all others), so if you have any questions about EMV or your point of sale software, just give our tech support team a call!
Happy Retailing POSIM Squad!