The world wants to know what we’re going to do, and when we’re going to do it.
With Oct 15, 2015 rapidly approaching, there is one thing you need to know … NOTHING IS GOING TO HAPPEN. From October forward issuing banks will no longer accept liability for transactions which occur when someone is using a chipped card, which proves to be stolen or fraudulent, which was swiped, because the site was unable to accommodate a chipped card. These are a lot of parameters and rules around how and when the merchant will be liable…
There are a few merchants who are rushing to be “compliant” with the Oct. 15th “mandate”. The fact is that there is no mandate, fines are not going to be levied, and there is no requirement to be “compliant” by that date.
I encourage merchants not to be hasty in making their EMV decisions on software, procedures, and equipment. Waiting to assess what ramifications the EMV liability shift will have on their operation, is the most prudent, and least expensive course of action.
Over the course of the next several years, chip cards will become more prevalent and somewhere in that several year continuum, all merchants will have to have full EMV functionality at all of their locations. But NOT on Oct 15, 2015.
It would be unfortunate for a merchant to suffer an unnecessary expense, and perhaps years of frustration, by rushing to judgement on which EMV solution makes the most sense for their operation, simply to say they were able to meet the liability shift date.
If you are interested in gathering information and learning about your options for EMV, give us a call. We'll happy to share with you our position, philosophy and solution set to best meet your needs.