2015 EMV Mandate: What You Need to Know!
Also known as “Chip and PIN” or “smartcard” technology, EMV credit card terminals have been widely adopted elsewhere in the world resulting in credit card fraud being driven down to low levels.
As of October 1, 2015, merchants that have not deployed terminals that process EMV chip card transactions will become liable for chargebacks associated with payments made with counterfeit cards, or cards which had been lost or stolen from their rightful owners. (In the past, these losses were absorbed by the customer’s credit card company.)
This “liability shift” from credit card issuers to merchants can represent significant losses to businesses that do not use solutions such as the new, EMV-enabled Ingenico terminal.
EMV Liability Shift
After the liability shift takes place the liability is as follows:
- Merchant using old swipe and signature terminal: Merchant is liable
- Merchant using new EMV Terminal but customer using old magnetic stripe card: Issuing bank is liable
- Merchant using new EMV terminal, customer using smartcard and fraud still takes place: Credit Card company is liable.
Upgrade Your Processing Equipment For FREE!
Fast Merchant Advance believes in helping our clients adopt to this new, safer, EMV technology, therefore we are pleased to be able to offer you free replacement equipment; that not only brings you into compliance with the new mandate, but actually saves you money while reducing your liability for credit card theft.
All you have to do is change your credit card processing to Fast Merchant Advance and you will get:
- Free state of the art EMV compliant credit card processing equipment
- Lower you credit card processing fees
- A Free Start Up Gift Card or Loyalty Card Program
- Expert support and advice to change out and implement your equipment
Did you know your new EMV capable terminal can accept new mobile payments such as Apple Pay, Google Wallet or Softcard?
In addition to processing EMV chip cards, your new terminal can also accept payments from mobile devices equipped with a “digital wallet” such as Apple Pay, Google Wallet or Softcard. Accepting these payments offers greater convenience to consumers while further increasing transaction security.