EMV stands for “Europay, Mastercard, and Visa, ” the original developers of the chip-based payment cards and terminals. Overseen and supported by numerous banks, merchants, processors, and industry stakeholders, EMV works to manage and maintain smart card payment standards. Over two billion EMV chip payment cards are currently in use today. By the end of last year, Europe had the highest percentage of EMV chip transactions (97%), followed closely by Canada, Latin America, and the Caribbean. The US, however, has lagged behind, with just 0.1% of transactions EMV chip based. Consequently, more than half of the world’s credit card fraud occurs in the US.But the numbers will soon change. October 2015 is the deadline for US merchants to be EMV-compliant. What does this mean for your business? If you have questions, you’re not alone. Here are the top 3 questions and answers that explain how the EMV chip migration is poised to change US credit card fraud, and how your business will play a significant role:How will your business be affected?
Whether you own a single or multi-location business, if you accept Visa or MasterCard payments, you’re obliged to comply. These and other major credit card companies are outfitting their customers with new cards equipped with an EMV chip, and you’ll want a Point of Sale that can read them. The good news is EMV compliance is a worthy investment—EMV-compliant terminals have been proven internationally to reduce card fraud. And from October on, if you choose not to be EMV-compliant, the burden of paying for any fraudulent charges resulting from the likes of counterfeit, lost, or stolen cards falls on you.