It won’t be just any old Thursday. Come October 1, 2015, the U.S. will flip the switch to a three letter acronym we all should get used to hearing: EMV.
Named after its original developers, Europay, MasterCard and VISA, EMV is a set of specifications for chip cards and the devices — such as point of sale payment terminals — that are used to accept chip card payments.
Why the change? EMV chip technology is proven to significantly reduce card fraud resulting from counterfeit, lost and stolen cards.
If you haven’t already, you’ll soon see:
- Consumers whip out new chip cards to make in-store purchases.
- Merchants with new point of sale terminals that accept chip cards.
- Chip cards being inserted into terminals instead of being swiped.
You’ll also see the emergence of contactless payment methods — like Apple Pay — where customers make purchases by holding their contactless card or mobile phone in front of a reader — rather than inserting a card.
With all these changes comes, of course, plenty of questions. Fortunately, there is no shortage of guidance.
Here are four resources we strongly recommend checking out in the next few weeks to get up to speed on EMV:
1. Article: Top 5 Myths about EMV Every Merchant Should Know
Change breeds questions, and with that, misconceptions. This article sets straight the five most common myths surrounding EMV.
2. Slidedeck: What You Need to Know About EMV & The Oct. Deadline
With the use of impactful visuals, this simple slideshow provides an easy-to-understand explanation of EMV and upcoming October 1st merchant liability shift.
3. Infographic: EMV Liability Shift: Why it pays to adopt new technology
The rules around in-store counterfeit fraud liability — and who pays — will change starting October 1st. In some cases, liability will remain with the card issuer. In other cases, you, the merchant, may be the one writing the check! VISA has put together this easy-to-understand infographic on the new rules. We recommend printing this out, sharing with staff and passing along to colleagues.
4. Quick-Reference Guide: How are chip cards used to pay in store?
GoChipCard.com, an EMV Migration Forum and Payments Security Task Force website, has put together this simple document that shows through images the steps taken when using a chip card and an EMV-enabled terminal. This is also a helpful reference sheet we suggest printing out and sharing with others.
As always, if you’d like more information on EMV or have any questions, feel free to contact us at 888.244.2160.