Chip Cards (EMV) - What You Need to Know

Chip cards are coming to the U.S. Driven by enhanced security, global standardization, mobile payments and the October 2015 liability shift set by the card brands, consumers will be saying goodbye to their old magnetic stripe cards and hello to new, chip embedded cards. As issuers and card brands work on reissuing more than 500 million cards, businesses of all sizes need to be prepared to accept these new cards.

Here’s what you need to know.

What are chip cards?

Chip cards are standard bank cards that contain embedded microprocessors. They offer enhanced security against fraud versus legacy magnetic stripe cards.

What is the October 2015 liability shift?

The major four card brands have set October 2015 as a key date in the U.S.’ migration to chip technology for card present transactions. As of October, if a business has fraudulent activity as a result of being unable to accept chip cards you may be financially responsible.

What do I need to do?

If you have a terminal, you will need to upgrade it to accept chip cards and potentially mobile payments, like Apple Pay™, if you so choose.

Cayan has affordable, chip card ready terminals and we also offer options that include mobile payment acceptance for digital wallets like Apple Pay as well.