Merchant will be liable for fraud loss if loss is a result of not having an EMV terminal to accept EMV cards.
EMV is used in over 130 countries around the world. It prevents a great deal of counterfeit and fraudulent use of credit cards. The use of EMV involves a specialized terminal which accepts a chipped card, creating a greater layer of security.
Source for percentage of terminals worldwide: emv-connection.com
Merchant will be liable for fraud loss if loss is a result of not having an EMV terminal to accept EMV cards.
EMV helps defeat counterfeit and lost/stolen credit card fraud.
of global credit card fraud happens in the U.S.
of small companies that are breached go out of business
of 2014 credit card fraud was counterfeit or lost/stolen
Major merchants are adopting now. Protect your business before the October deadline.
Myth: U.S. is mandating chip and pin. | Truth: EMV is not a mandate. It is optional, but merchants will accept the liability for charges resulting from counterfeit and lost/stolen cards. |
Myth: All merchants must be EMV-compliant by October 2015. | Truth: Gas stations have until Ocober 2017 to implement EMV or accept the liability shift. Merchants accepting the liability shift will not have to implement EMV. |
Myth: Magnetic stripes will stop working. | Truth: EMV Chip Terminals will also accept older magnetic stripe card swipes and transactions. |
Myth: EMV isn't going to happen. | Truth: EMV has already been accepted and put into use elsewhere around the globe. The U.S. is last to adopt and timing has already been prescribed for those wishing to avoid the liability shift. |
Myth: Merchants that move to EMV are fully protected. | Truth: Merchants will be protected from the liability of charges resulting from counterfeit or lost/stolen cards, which accounts for 51% of all credit card fraud. |
Myth: EMV and NFC are the same. | Truth: NFC stands for Near Field Communication, in other words, a contactless terminal. Some EMV terminals include NFC functionality, but not all. If a contactless terminal is important to you, a Barcodes, Inc. expert can help locate the right model for your needs. |
Myth: Merchants will be fined if not EMV ready. | Truth: Merchants are asked to comply with the EMV standard, but are not forced to. There is no fine, but the merchants will accept liability for fraud stemming from use of counterfeit and lost or stolen credit cards. |
Merchants will accept liability for fraud stemming from use of counterfeit and lost or stolen credit cards. |
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In order to accept Apple Pay*, terminals will need to have an NFC (Near Field Communication) chip for contactless communication.
* Not all EMV terminals will be able to accept Apple Pay, only contactless models.
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