Merchants have until October 2015 to comply with the EMV liability shift to avoid the responsibility of fraud.
Visa, MasterCard, American Express and Discover are rolling out the EMV chip credit cards and replaced magnetic stripe cards earlier this year.
Merchants have a deadline to install EMV POS machines at checkout by October 15th, 2015 or the liability shifts to you.
The amount of credit card data breaches and fraud throughout this year makes it important to take care of this sooner than later. Credit card and debit card payments are the preferred choice of payment by consumers and fraud is increasing rapidly. The concerning thing you need to know is that recent surveys show that less than 20 percent of small to medium size retailers will be ready. And over 50% have little or no understanding of what the liability shift could mean to them and their business.
Upgrading your terminal and/or POS machine to support chip-enabled credit cards will make transactions more secure and that is the bottom line. EMV Chip-enabled terminals are available today and merchants have options that fit their budget – lease or purchase.
Waiting until the last minute to upgrade your terminals or not upgrading to an EMV Chip-Enable terminal may cost you more than you know. If you want to learn more about the EMV Readiness, deadlines and what the EMV liability shift means to you, give us a call or send a note with your questions. We want to help the other 80% of merchants get ready for EMV before the deadline of October 15th, 2015.
Contact SignaPay at 800.944.1399 or email us at EMVready@signapay.com