The deadline for merchants to switch to EMV credit card terminals has come and gone. The new system commonly referred to as the Chip Card is now the global standard for computer chip cards and the process that can authenticate them.
Projections are all merchants and card issuers will comply with the new in-store technology by the end of 2017. Considering the massive number of card issuers and even larger number of merchants across our country, our transition from magnetic stripe cards to EMV is a huge undertaking.
For those Point of Sale (POS) merchants who have not switched over to the new processing systems, the time to do so is now.
- The Merchant Switch to EMV Credit Card Terminals Deters Fraud:
The switch to EMV credit card terminals and chip cards has lowered the instances of Point of Sale (POS) fraud considerably. When a chip card is inserted in a terminal, information passes between the chip and the card issuer. The process creates a unique code that cannot be copied and reused.
- The Merchant Switch to EMV Credit Card Terminals is Mandated:
The information on a magnetic strip stays the same making them susceptible to fraud. It is mandated for the protection of merchant, card issuer and cardholder that magnetic strip be replaced with EMV technology for the benefit of all. Compliance means adding new in-store technology and processing hardware and software.
- The Merchant Switch to EMV Credit Card Terminals Shifts Liability:
Prior to the 2015 deadline to switch to EMV credit card transactions, fraud liability at the Point of Sale rested on the card issuer. Since the deadline, the liability for fraud losses fall on the party that is least compliant with EMV regulations. If your customer has a chip card in his pocket issued by his bank or card company they are compliant. If the merchant has not invested in the new technology and the chip card is swiped, any losses would be absorbed by the merchant.
- Liability Costs May Increase as Merchants Delay the Switch to EMV Credit Card Terminals:
The liability switch was instituted as incentive so merchants would be quick to comply with the new EMV guidelines. The result of future delays could be larger penalties and more fraud liability for merchants.
If you are delaying your switch over from magnetic stripe to EMV because of cost, contact us at charge.com . Our company has several options to make your Point of Sale EMV transition smooth and affordable. There is no application fee. We guarantee the lowest prices for our Merchant Services and the highest approval rate. Compare our rates with other merchant services and see for yourself.
We approve all types of businesses for our merchant services with Point of Sale being one among phone, internet, mail order and website. Do you have a business start-up in mind but you’re afraid you won’t be approved for merchant services because of past credit troubles? We have lenient parameters and may approve when others deny you.
Merchants, switch to EMV credit card terminals by calling charge.com at 1-888-924-2743.