EMV is Here: Everything You Need to Know

The October 2015 liability shift is finally upon us. What once felt like a far-away change to the way we pay has now become a reality. That means all US merchants using non-EMV-compliant technology will be held responsible in the event of a fraudulent transaction made with a chip card. For credit card brands that rolled out chip cards nationwide and businesses that updated their payment terminals, EMV’s arrival is a welcome change, bringing increased security to payments.

While many have taken the time to prepare in advance of the October 1 deadline, there are still a number of businesses that haven’t updated their terminals and some that are still unfamiliar with what the October 2015 liability shift means. The good news: if you haven’t updated your technology, it’s not too late—you can still make the switch after the deadline, but you will be responsible for fraudulent transactions until EMV is up and running.

Read on to make sure you’re up to speed on everything you need to know post-October 1.

EMV Basics

If you’re not sure what the liability shift is or you’re wondering what a chip card looks like we’ve got you covered. The October 2015 liability shift deadline was set by the four major card brands as a key date in the U.S.’ migration to chip card technology. Chip cards are standard bank cards containing embedded microprocessors that offer enhanced security against fraud. If a business reports fraudulent activity and it was unable to accept chip cards at the time fraud occurred, that business will be held financially responsible.

That’s why businesses of all sizes need to update their payment terminals expect changes at the checkout counter and train employees accordingly.

Preparing Your Business

There are a number of steps you’ll need to take to prepare your business for the liability shift:

  1. Update your payment terminals so they are EMV-compliant.
  2. Train your employees on how to use the new technology and how to instruct customers during the checkout process.
  3. Prepare employees with an elevator pitch so they can quickly and easily inform customers on what the liability shift means for them. It’s likely your customers will have questions, so you’ll need to make sure your employees are prepared with answers.

Preparation won’t happen overnight, which means you’ll want to have a roadmap in place to guide you through the transition—even if you’re just beginning the process of accepting EMV payments.

Busting Common EMV Myths

There are several myths circulating about EMV and the liability shift. For example, some merchants are under the impression that only large businesses need EMV-compliant technology, butthis is a major misconception. All U.S. merchants, regardless of size, will be held responsible if they process a chip card that is found to be fraudulent.

Even If You Think You’re Ready, It’s Best to Double Check

No matter where you are in the preparation process, it’s important to ensure you’re on the right track. To help you meet your EMV-readiness goals or ensure that you’re as prepared as you think you are, we’ve put together a quick assessment for the liability shift. If you’re not ready—we’ve got your back.We’ll tell you what you still need to do. Take the survey here.

What have you done to prepare for EMV? Tell us in the comment section below or send us a tweet @Cayan and let us know!

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