What is the EMV liability shift?
EMV chips are the latest credit card technology and security development. They allow for storage of more information, making authentic verification easier and dramatically reducing the risk of fraud and theft. A recent change to EMV regulations means that companies that do not use EMV technology are more open to liability in the event of fraud. The EMV deadline for this change passed on Oct 1st 2015. Since this date, the EMV mandate requires that all companies that do not use EMV chip technology be liable for any costs incurred due to fraud.
What does the EMV mandate mean for my business?
The new EMV requirements will undoubtedly have an impact on business of all sizes. However, if you are a medium or large sized business you are naturally more likely to be a target of credit card fraud and therefore immediate EMV implementation is critical.
EMV implementation made easy.
The EMV deadline caused something of a panic last year because many business owners were confused about how they could guarantee their EMV compliance. For individuals unfamiliar with the ins and outs of the credit card industry as a whole, EMV requirements can seem a bit daunting. Payco Card has over 20 years of experience in the industry and has the expertise and knowledge to take care of your EMV implementation, leaving you free to enjoy the benefits of safer credit card transactions and the lowest fee processing rates on the market. Contact us today to find out if EMV technology is the right choice for your business type and to learn more about the benefits of this new industry standard, from one of the leading credit card service providers.