Resources and tips
The US is migrating to EMV chip cards. So what exactly is EMV and how will it affect your business?
In short, EMV chip cards contain microchips which hold information unique to transactions, allow for remote deactivation, and reduce the possibility for duplicated fraudulent transactions. Major card brands have been encouraging merchants to be EMV-compliant, thus establishing the liability shift mandate.
The liability shift will take effect starting October 1. This implies that merchants, instead of banks, may be liable for certain kinds of fraud if they swipe the magnetic stripe on the back of a chip card instead of dipping it. To accept chip card payments, most merchants will need new hardware and software.
To learn more about EMV and it’s solutions, and how you can protect your business, check out our infographic below or download it here.