EMV Status Update: What Your Merchant IT Clients Need To Do For The EMV Liability Shift
By Michael English, Vice President of Product Development, Heartland Payment Systems
With less than two months to the Europay MasterCard Visa (EMV) liability shift begins, many businesses accepting credit and debit cards are either scrambling to become EMV compliant or are not prepared. Rest assured the sun will rise the day after the liability shift goes into effect Oct. 1, 2015 and those businesses that have not implemented EMV will still be able to accept payments. If your merchant client is one of those business owners who is not ready, here are some short-terms actions you can take:
- Educate them about the liability shift and potential impacts to their business. The card brands announced that beginning Oct. 1, 2015, there will be a liability shift for fraudulent transactions resulting from the acceptance of lost, stolen and counterfeit cards that occur at the point of sale (POS). The liability shift is limited to the chargebacks that fall into those categories, so it is a good idea for business owners to get the facts on their exposure. It is expected that businesses not prepared to accept EMV will see an increase in lost, stolen, and counterfeit card fraud after Oct. 1, 2015.
Please log in or register below to read the full article.
Get unlimited access to:
Enter your credentials below to log in. Not yet a member of VAR Insights? Subscribe today.