Get ready – your business has just under 100 days to upgrade your terminals to accept EMV chip cards as part of the impending EMV liability shift. These terminals will enhance security by decreasing the ability for fraudsters to intercept customers’ personal information. Huh? We know – it’s a mouthful. And it sounds intimidating; but, over the next 100 days before the October 1 liability shift, we want to break it down for you and help your business understand why this is happening. Okay, so what is it? EMV cards use a chip rather than the typical magnetic stripe to create a unique transaction code every time the card is used. Since each code is only used once, instances of fraud become more difficult and less likely with card-present transactions. What do I need to do about it? To avoid being held liable in the case of fraud occurring at your business, we recommend that your business upgrades to an EMV-capable terminal in order to accept EMV. No, thank you. I’m fine. We respect that. No one is going to force you to upgrade your terminals to accept EMV chip cards. All smart cards will still feature the current standard, the magnetic stripe. The EMV police do not exist, BUT you may find yourself and your business in a bind when, as of the Oct. 1 EMV liability shift deadline, you will be held liable for any counterfeit smart card transactions. An EMV terminal will, in essence, protect you if a fraudulent transaction occurs in your business. Shouldn’t your business (and your customers) be protected?
In the next 100 days, Payline wants to help you prepare for the EMV liability shift. Get a head start by learning what you need to do today to protect your business by visiting our EMV page.
