EMV deadlines are looming, are you ready?
Posted by Jasmin Whiting on 20 May 2015 01:44 PM
As the threat of fraud increases, the U.S. is taking necessary steps to protect cardholders, merchants, and banks alike. EMV, which stands for Euro Pay MasterCard Visa, is the new standard for credit card authentication and protection in the U.S today. Credit cards will now be imbedded with an EMV chip which will greatly decrease the probability of fraud for both cardholders and merchants. Along with the new chip technology, comes new credit card terminals enabled to “read” the chips and process payments.
How are you at risk?
In October of 2015, there will be a fraud liability shift in the credit card industry. At the moment, if a cardholder’s card is compromised and fraudulent activity occurs, the issuing bank is held financially responsible for it. However, this October, the shift will make you, the merchant, liable for any fraudulent charges, no matter the amount. The fraud saying goes, “the one with the least amount of security pays the bill”. In order to protect against this great risk, merchants are relying on new EMV compatible terminals. While no one is guaranteed to be 100% safe from fraud, the EMV terminals are the absolute best bet to protect against negative card activity.
So, what’s the next step?
The next step is a simple one! We understand some small businesses today are on a budget, and don’t want to spend an arm and a leg on a new terminal. While we believe this one-time investment could save you thousands in the case of fraud, we wanted to offer a cost efficient terminal as well! One of the best EMV compatible terminals on the market today is the Ingenico iCT250. It has both chip & PIN technology, as well as its ability to accept NFC payments like Apple Pay.
We’ve even taken the extra step so once you purchase the terminal, it gets sent right to your front door; all you have to do is plug it in! Keep in mind that as the October 2015 deadline approaches, these terminals will be in great demand and may be difficult to get your hands on right away. We are encouraging merchants to purchase now while the inventory is full. If you are interested in learning more about our EMV compatible terminal, you can either e-mail us at [email protected] or call at 651-628-4000.
We look forward to speaking with you soon!