It’s September, which means the deadline for the EMV liability shift is less than four weeks away. For the last nine months we’ve put significant focus on the topics of EMV technology, the liability shift and things every merchant should know. If you’ve been following along you know that we’ve covered a lot of important topics related to this change. If you haven’t been following along, no worries. This roundup of the articles will make it easy to find the topics and information you need.
First Quarter Report
We started the year talking about the EMV issue from a global perspective. The bad: the U.S. is lagging behind the rest of the world in EMV chip card adoption. Also, experts projected that U.S. credit card fraud will exceed $10 billion in 2015. The good: EMV chip cards are a part of the solution to the fraud problem. These new chip cards offer a higher level of security making them more difficult to hack. The deadline: the rules are changing as of October 1, 2015 and the fraud liability will shift to any merchant who has not upgraded to EMV chip card technology.
Second Quarter Report
In June we provided an update on how the U.S. was progressing. The bad: Experts estimate that only 59% of retail locations will be EMV compliant by the end of 2015. It’s the main reason we are focusing on this topic. We want our clients to be EMV compliant and fully protected. The good: 70% of credit cards will be issued as EMV cards by the end of 2015 in the U.S. attacking the fraud issue head on. The deadline: the banking industry is not expecting a ‘big bang’ after the October 1st deadline. What they are anticipating is a more gradual adoption phase that will last well beyond the deadline.
Third Quarter Report
With only three months to go, it was becoming clear that EMV would be more advantageous for industries with high credit card fraud. The good: hospitality expects to benefit from the technology by significantly reducing the industry’s excessively high fraud rate. The bad: Many merchants still don’t fully understand their exposure when it comes to the full impact of liability. The deadline: With only weeks until the deadline we provided a merchant’s guide to the essential details of EMV technology. We tackled the issue of integration with your existing POS system and included an upgrade checklist to get you through the process.
The bottom line: it’s ‘go’ time simply because you don’t want to increase your exposure to liability. Call us today so we can explain your options and get you EMV compliant sooner rather than later.