{"id":2691,"date":"2015-10-08T12:19:06","date_gmt":"2015-10-08T16:19:06","guid":{"rendered":"http:\/\/www.nationaltransaction.com\/credit-card-merchant\/?p=2691"},"modified":"2015-10-08T12:19:06","modified_gmt":"2015-10-08T16:19:06","slug":"meeting-emv-standard","status":"publish","type":"post","link":"https:\/\/www.nationaltransaction.com\/credit-card-merchant\/meeting-emv-standard\/","title":{"rendered":"Meeting EMV Standard"},"content":{"rendered":"

Rules have changed in regards to swiping credit cards October 1st<\/sup>, 2015 with the EMV Liability Shift; which may not cause much concern for most consumers, but for merchants.<\/p>\n

EMV compliance isn\u2019t a legal requirement. However,<\/strong> if you\u2019re a merchant that accepts credit cards in-person, then you need to find out whether you\u2019re meeting the EMV Standard. The new rule for the liability shift applies October 1st<\/sup>, regardless of the size or type of business.\u00a0<\/strong><\/p>\n

What Is EMV Standard?<\/strong><\/p>\n

EMV stands for EuroPay, MasterCard, and Visa, the three companies that originally created the standard.<\/p>\n

The EMV Shift is to provide enhanced security and prevent fraudulent activity with credit cards. Updated equipment is also necessary for processing the new computerized cards, and unfortunately, the responsibility of securing up-to-date hardware falls on the merchant.<\/p>\n

Since card evolves more instead of cash in our society, fraud and data breaches is on the increase, and now a common occurrence. Adapting new technology is therefore necessary. A hassle for many merchants, but there are actually benefits from all parties involved in a credit card transaction.<\/p>\n

Data shows that fraud decreases dramatically when EMV Standards are implemented In Europe. The region has experienced an 80% reduction in credit card fraud, while the USA has seen a 47% increase by NOT implementing EMV standards.<\/p>\n

The new liability rules took effect on October 1st in the US, and any party that has not yet implemented EMV-compliant machines might now be liable for fraud committed with counterfeit chip cards. Note that this liability shift only applies to in-person transactions. Phone order and web order transactions will be dealt with as they always were.<\/p>\n

For Merchants, it means you\u2019ll eventually need to get new equipment for processing credit cards payments in-person (unless you\u2019ve already done so not too long ago, as nearly all POS terminals sold in the USA nowadays are EMV compliant). For most business owners, it\u2019s a good idea to implement the new system sooner rather than later.<\/p>\n

Step to take as a Merchant Until you get your EMV equipment<\/em><\/strong><\/p>\n