Generally, liability for these chargebacks will shift to the party using the least secure technology. Come October 1, 2015, you could be liable for chargebacks resulting from acceptance of lost, stolen or counterfeit cards. So what’s the big deal about this EMV stuff?Ī liability shift is on the horizon. You may have already seen them, as card issuers have started issuing chip cards to consumers. These chips are embedded in credit and/or debit cards that also have a magnetic stripe, and can be used at businesses that support either type of payment card. EMV-enabled cards contain a computer chip that is activated and read when inserted in the card reader or tapped for contactless acceptance. It’s a global payment standard that provides a consistent cardholder experience worldwide-designed to greatly reduce the chances you’ll receive a counterfeit payment card at your place of business. That, however, is about to change as EMV chip cards make their way to the U.S. Before we get into the nuts and bolts, a little history…įor more than 40 years, businesses and consumers have used magnetic stripe cards and compatible terminals to complete payment transactions. If you are swimming through the choppy waters of EMV readiness, get ready for a life preserver. Or-gasp!-you haven’t thought about EMV at all. Possibly you’ve got it all assembled, but your employees have no idea how to operate it. Or perhaps you’ve plugged it in, but the software isn’t installed or working properly. Maybe you purchased your EMV-ready terminal, but it’s still in the box. EMV is coming full force to the United States, and as a business owner, you may be making preparations to accept chip or smart cards.
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