EMV (Europay, MasterCard and Visa) is now the global standard for inter-operation of integrated circuit cards, or “chip cards”. A form of contactless payment, EMV is already largely used in Europe and China, and the world is bracing for a revolution in credit card transactions as EMV becomes not only something available in some locations, but the norm for consumers. And merchants who are in the midst of upgrading their terminals need to be prioritize EMV, no matter how large a merchant you may be.
Chargeback liability for all merchants without EMV by October 2015 will end up on the doorstep of that merchant. If you do not offer EMV and someone uses a fraudulent card at your location, you are liable. If you accept EMV, you are not.
575 million U.S. payment cards will feature EMV by 2015, and Global EMV card shipments are expected to total more than 3 billion by 2019. EMV is coming to the U.S. and it very well could eventually be the preferred method to accept credit cards. EMV combined with point-to-point encryption and tokenization will put your business in the most secure position as possible in conjunction with the other published PCI best practice recommendations. Solupay can help you with all of these considerations.
Contact us today to learn more about EMV.
Interested in EMV? Contact Solupay for EMV and other merchant service solutions.