Understanding the EMV Liability Shift
The EMV liability shift became effective October 1, 2015, and changed the responsibility of liability in instances of fraud. As of this date, the liability for any card-present fraudulent transactions shifted to the party that is the least EMV-compliant. This means any merchants who have not integrated EMV-capable solutions, will now be held fully responsible for any counterfeit or fraudulent charges.
Steps to Accept EMV Chip Readers:
- Understand EMV technology and the new liability shift requirements.
- Partner with a payment processor, such as SignaPay, who can provide EMV-capable solutions.
- Explore specific terminals that would best suit your business’s needs.
- Set up your EMV terminal(s) for use.
- Train your employees on how to use EMV terminals.