EMV is the new standard for Credit and Debit Cards. These cards are equipped with "Chip Technology"
• what is the chip for?
The chip is where the card will store all of it's information.
Every-time you swipe a traditional card with a magnetic strip it has unchanging data. An EMV card creates a unique transaction code everytime it is used, thus, keeping your personal information safer.
• What is the october 1st deadline for?
• EMV smart card
• Smart-chip card
• Chip-enabled smart card
• Chip-and-choice card (PIN or signature)
Businesses have until October 1st to become EMV compliant, meaning they will use equipment that accepts the chip and pin card. Businesses that are not EMV compliant may be liable for any fraudulent charges.
• HOw is liability determined?
As of October 1st, 2015, whichever party is the least EMV compliant could be held liable for fraudulent transactions
"..of 12 million merchant terminals in the U.S., only 314,000 were EMV-enabled by Oct. 1 — and not all of them were activated and in use. The card side was a bit more prepared, with roughly 250 million cards upgraded to include chips. But that’s still a small drop in the proverbial cards bucket — there are 2.1 billion cards in circulation across all networks and platforms." pymnts.com
let us help make sure you are emv compliant
2016 | DESIGN BY THE RETAIL COMPUTER GROUP