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Merchants Facing EMV Deadline

Emv Card Only Showing ChipOn October 1st, liability for debt and credit card fraud will shift from credit card companies and banks to businesses that accept cards whenever a card is compromised by fraud if the business has not updated its system to make it EMV-compliant.

Financial institutions are in the process of replacing customers’ current cards with the new, EMV-compliant cards. Some analysts predict 70% of cards in circulation will comply by year’s end while others expect less than a majority will comply at that time.

Retailers and other businesses taking debit and credit cards for payment should have their EMV (stands for Europay, Mastercard and Visa — the companies that paid to develop the new technology) point-of-sales systems ready to go on October 1 to handle the new cards that are far more difficult to misuse or counterfeit.

Information on Chip Cards: Go Chip Card

Discover Card: The Global Standard For Smarter Payments