Understanding the EMV liability shift may be confusing to a lot of business owners but only because it is brand new. The facts about the liability shift are actually quite easy to understand.
As of October 1, 2015, the United States will be joining the rest of the world making the transition from magnetic stripe credit cards to the new EMV chip cards. Why is this transition taking place? The current magnetic stripe cards in circulation are easily susceptible to fraud and the EMV chip card technology provides a safer way to store and protect your payment information.
What does the liability shift mean to your business? The image below outlines what the liability shift actually means for your business. Essentially, if you are not EMV compliant (meaning that you have an EMV capable terminal within your business to accept EMV payments) if any fraudulent activity takes place, your business will now be held liable for that fraudulent activity.
If you have any questions about the upcoming transition or need help becoming EMV compliant, feel free to shoot us an email and one of our specialists will help you!
Authored By: Pat Hanavan