EMV (Europay, Mastercard, and Visa)

Beginning in October 2015, US banks transferred the liability for fraudulent credit card activity to the merchant, in the event the merchant is not using an EMV card reader. The deadline was imposed by Visa, MasterCard and American Express.

What is EMV?

EMV stands for Europay, MasterCard and Visa and is a standard for credit card acceptance that equips cards with a small computer chip, which adds an extra layer of security for transactions. Most of the world, especially Europe, has been utilizing chip technology for years.

How am I liable and for what?

Currently, if there is fraudulent activity the bank typically absorbs the liability and losses. As of October 2015, you (as the merchant) are liable. If you elect to continue to swipe using a non-EMV reader, transactions will process normally, but you will be responsible in the event a charge is deemed fraudulent.

What should I do to remain compliant?

In order to accept credit cards that are equipped with an EMV chip you’ll need to upgrade your credit card swiping device to a device that accepts EMV chips. For those with an Acclivity Flat Fee Merchant Account you can purchase an EMV device here: https://equipment.forte.net/ProductDetails.asp?ProductCode=Verifone-VX520A_ACCLIVITY.

I process credit card transactions, but I don’t swipe

If your transactions are 100% Card Not Present you do not need to change anything. This initiative is aimed at Card Present transactions only.

As always, if you should have any questions, feel free to reach out and ask questions.