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Frequently Asked EMV Questions

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Frequently Asked EMV Questions Frequently Asked EMV Questions What does EMV stand for? EMV stands for Europay, MasterCard, and Visa and only applies to card-present transactions. Why EMV? The simple answer — to combat credit card fraud. Over the past few decades, credit cards have provided shoppers with the convenience of paying for goods and services they want with a simple swipe of a card. Even though these credit cards are simple to use, every now and then a question arises — are they secure? Criminals around the world have found ways to steal credit card information and use it for their own benefit resulting in credit card fraud. The United States has seen a significant rise in credit card fraud over the last decade. To help solve this problem, card networks such as VISA, MasterCard, etc. are pushing merchants in the U.S. to upgrade their payment solutions to accept EMV chip card transactions. What makes EMV cards safer? EMV secure payment transactions include, card authentication, cardholder verification and transaction authorization. It is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully, unlike a magnetic stripe card. Is EMV a law? Can I be fined if I’m not compliant? No, EMV is not a law. It has been put in place by the payment brands to combat fraud at the point of sale. EMV only applies to a few transaction types and is not nearly as ominous as the high-pressure processors would like to make it sound. If I don’t accept EMV by October 1st am I going to be one of a few merchants not accepting EMV transactions? No, only 5% of the entire of the merchant population in the U.S. will be accepting EMV by this date. Will not adopting EMV by the October 1st liability shift increase my credit card processing rates and/or fees? No, absolutely not! If I’m not ready to accept EMV by October 1st, how can I protect myself? Always use best practices when accepting credit cards. Below are detailed articles from Visa and MasterCard on how to avoid credit card fraud: • Reducing Counterfeit Card Fraud • Fraud Control Basics • Do you suspect fraud? What is the liability shift, who is liable for what, and when? Today, the liability of a chargeback from credit card fraud always falls on the issuer. After October 2015, this liability will shift to the merchant in certain scenarios. Where the liability falls depends on both what type of card is being used by the customer and the capabilities of the terminal used by the merchant (EMV-enabled or magstripe). What type of fraud scenarios could I be liable for? Confusion around liability shifts are common. What a lot of people don’t realize is that there are two types of liability shifts: liability shift for counterfeit cards and liability shift for stolen cards. Counterfeit cards — Post October 2015, if a merchant accepts a counterfeit magstripe card (created from an EMV chip card or transaction data) at a payment terminal that is not EMV-ready, the merchant will be liable for the chargeback resulting from the fraud. The counterfeit card created from an EMV card or transaction data can only be processed at a POSIM.com | [email protected] | 801.546.1616 magstripe-only terminal. If the merchant’s payment solution is ready to accept EMV transactions, this counterfeit card will not be processed, thus saving the merchant from the liability. Stolen cards — Post October 2015, if a merchant accepts a stolen EMV chip card that requires a PIN using a payment terminal that does not support EMV with PIN entry, the merchant will be liable for the chargeback resulting from the fraud. I have heard there can be penalties from the card companies for non-compliance. If a merchant is a victim of a data breach, card companies like VISA and MasterCard can charge penalties for lack of a secure system. However, they also waive these data breach penalties for merchants that are processing 95% or more of their transactions through an EMV-ready payment solution in the form of a dual-interface device. Merchants who don’t upgrade with EMV-ready payment solutions will be subject to these penalties if the card data from their servers is stolen. Will EMV cost me more money if I don’t act now? No. In fact, if you engage with a processor that walks into your store unannounced or is telemarketing, you are likely to cost yourself more money through deceptive rates, overpriced equipment and predatory contracts. How much will the new POSIM EMV hardware and software cost? This is dependant on the device you choose and when you plan to implement. Click here for current pricing. Who do I purchase the new EMV Hardware from? In order to continue with integrated payments with your POSIM software you will need to purchase the new EMV devices through National Merchant Alliance (NMA). The complexity created from EMV as a service, requires additional downloads and specialized configuration. Why do I have to purchase the EMV hardware and software from NMA? By using our preferred processing arrangement with NMA, POSIM is able to control the user experience, keep costs low, ensure exceptional customer service and maintain a high level of security. The EMV liability shift has created an environment for unscrupulous salespeople who know nothing about your software, and will try to sell you something you do not need. POSIM.com | [email protected] | 801.546.1616.
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