If your business has not yet shifted to EMV / Chip and PIN payment processing then you need to think about making this change sooner rather than later.
Whilst you want to ensure that your customers are not targeted by card fraud, your business also needs to be protected at the same time. Visa, Discover, Mastercard and Amex have announced that they will be making merchants who have not embraced chip and PIN payment processing liable for the cost of any fraud that may occur as a result of any of their POS transactions.
Here is the compliance deadlines that businesses with retail POS systems need to know.
Whilst Amex, Mastercard and Visa all implemented a liability shift in 2012, Discover and Interac are slower to follow.
Interac will stop processing non-EMV transactions at POS terminals after 31 December 2015.
Discover will shift liability for fraud to the merchant on 1 October 2015. Pay at pump gas stations will have until 1 October 2017 to become EMV compliant.
With all major card issuers having already passed liability to merchants, Discover will implement their liability shift on 1 October 2015, with pay at pump gas stations affected from 1 October 2017.
Amex, Discover, Mastercard and Visa will all shift liability for fraudulent POS transactions to the merchant from 1 October 2015. Pay at pump gas stations will have until 1 October 2017 to become compliant.
The transition to all consumers in these countries having EMV cards is currently taking place as banks and card companies roll out the new style cards in phases. Debit cards are taking significantly longer as bank retailers are also changing their own software to accept them.
We know how important it is to ensure that you are giving your customers the efficient and secure spending experience that they require. Evolving to EMV technology for your point of sale will keep your transactions safe for both your customers and your business.