If you haven’t yet heard, from this point on, merchants will assume responsibility of fraud brought from swiping an old magstripe card instead of scanning or dipping cards with chips. However, as with all new technologies, it’s going to take a little time to adapt.
In the weeks leading up to the October 1 deadline, ACI Worldwide conducted an EMV readiness survey to see how prepared consumers were for the shift. Nearly 60 percent of consumers who were surveyed did not know why they were set to receive new cards and were unaware of how EMV cards will affect their payments. This alarming stat is the result of lack of education on EMV from a consumer standpoint and merchant readiness.
As payment experts, we are here to educate small business owners on better security standards and industry changes. What does EMV mean for you? A technology upgrade to increase secure payments! While EMV may have gotten off to a rougher start than expected, there is no doubt that processing transactions via the chip-and-PIN method is safer and more secure to use than the magnetic stripe cards most consumers are still using. Chip cards use a new encryption for every sale, making sales more secure. This is better for your customers and your bottom line.
The threat of EMV’s mandatory liability shift should be strong encouragement for all payment processing parties to become EMV-compliant as soon as possible.
If you’d like to know more about EMV technology and how the upcoming changes may affect your business, we are here to help. Reach us at 800.277.6990 by email, Eppsales@newtekone.com.