What your business needs to know
EMV (an acronym for Europay, MasterCard®, and Visa®) refers to new standards, based on chip card technology, that make accepting face-to-face payments more secure.
The process for an EMV transaction is different than a magnetic swipe transaction. With EMV transactions, the cardholder inserts the card into an EMV terminal, where it stays during the transaction. In some cases the customer will be prompted for a PIN or signature (just like a debit transaction). Because of this, EMV cards are commonly referred to as “Chip and PIN” or “Chip and Signature” cards.
During an EMV transaction, the card never leaves the cardholder’s hands. You present your payment to your customer – even in restaurant environments!
How does EMV help your business?
EMV benefits everyone associated with your business. Consumers have fewer reasons to worry about the security of their payments and will have a card that works internationally. Your business benefits from the reduction in card fraud resulting from counterfeit, lost, and stolen cards.
Liability Shift: October 1, 2015
As of October 1, 2015, new standards apply in the event of fraud. Counterfeit fraud liability, which was previously assumed by the card issuers, is now assumed by the party who does not enable or accept EMV (issuer or merchant).
Contact us for more information!
Contact form goes here
Insert the EMV card into an EMV terminal, where it stays during the transaction.
If prompted, enter PIN or signature for cardholder verification.
The transaction is processed. (It should only take a couple seconds.)
The EMV transaction is complete! A receipt will be printed.
It’s time to take action!
The liability shift happened on October 1, 2015. Counterfeit fraud liability (which was previously assumed by the card issuers) is now assumed by any party that does not enable or accept EMV.
If your business accepts and processes a fraudulent transaction on a non-EMV enabled terminal, the liability for that transaction is yours, not the card issuer’s.
Please Note: There is no fine associated with non-acceptance of EMV cards, only liability for fraudulent transactions if your business decides not to use an EMV-enabled terminal.
What do you need to do next?
We offer a number of EMV solutions to meet your needs.
Simply contact NLP Secure and one of our team members can help you learn more about our EMV solutions.