What is EMV?

EMV stands for Europay, MasterCard, and Visa and it refers to a technology where an embedded microchip encrypts transaction data for each purchase. The chip in the card works in conjunction with a PIN or signature verification, and provides a two factor authentication aimed at combating POS (Point of Sale) fraud.

What is the EMV liability shift and does it impact my business?

As of October 1, 2015, POS fraud liability shifts to the party that has not yet adopted EMV compliant technology. As a merchant, you would accept the fraud liability if either your terminal or your terminal application are not EMV chip enabled. If you have concerns about how this can increase your fraud or chargeback exposure, please contact our support team.

Do I need a new terminal?

If you received either a new terminal or a terminal upgrade as of July, 2016 then you should be compliant, but please don’t hesitate to review your upgrade options with our support team.