Everyone should care! But really, meeting EMV requirements effects merchants the most. On a whole, merchants will spent $2.6 billion for the liability shift. As of October 1st of 2015, merchants must be able to accept chip payment. If they accept a swipe payment in which fraudulent activities occur, the merchant will be responsible for the fraud instead of the bank.
EMV stands for Euro Mastercard Visa. As of October 1st of 2015, merchants must be able to accept chip payment. If they accept a swipe payment in which fraudulent activities occur, the merchant will be responsible for the fraud instead of the bank. EMV is meant to help protect issuers, merchants and consumers against losses from fraudulent use of the cards. EMV cards are embedded with a smart chip that communicates with the merchant's chip reading device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card. This technology adds layers of security against fraud and is virtually impossible to duplicate.
As of today we have integrated the PAX family of terminals into our EMV ready solution. We have several gateways or direct to processor connections. Depending on the gateway or processor setup and monthly fees may apply.
No fee options also exist.
October 1st, 2015 will mark the next major milestone in the EMV roadmap, when the fraud liability shift for all point of sale devices (except Automated Fuel Dispensers) will take effect. The liability shift means that merchants using non EMV complaint devices for EMV compliant cards will assume all liability for fraudulent transactions.
The investment required in EMV provides a great opportunity to future proof your Point of Purchase. Future proofing would mean adopting a solution that allows you not just to support payment innovation, but provide you a mechanism to seamlessly adopt the number of ever growing innovative solutions to connect customer to inventory and services.
retailcloud POS is a no cost full feature Point of Sale solution that provides you an EMV ready connection into most major processors. This allows you to keep your current processor and update your Point of Purchase to better interact with customers, generate marketing campaigns, get targeted analytics and adopt next generation solutions as you need them. To find out about the full solution please go here and if you just want to meet the EMV compliance threshold please go here.
retailcloud
2702 Clayton Rd.
STE 200
Concord, CA 94519
(925)288-4300