EMV Terminals Coming to a Store Near You!
Have you heard of POS reterminalization? Maybe Chip and PIN technology or contactless payments? These are just a few of the buzzwords circulating throughout retail’s ecosystem thanks to EMV®, Europay, MasterCard® and Visa®. Among the important considerations on whether to make the transition includes choosing EMV-capable point-of-sale terminals by the deadline now known as the “liability shift” scheduled for October 2015.
After that date, when credit card fraud takes place, liability costs will fall primarily to the merchant. With that in mind, it’s time to get optimistic regarding the future of payments, which does not involve swipe and signature based card payments. There are certainly costs associated with the transition to EMV, but the benefits come in the form of increased security, reduced fraud, and even expanded marketing opportunities for small businesses. EMV is already the payment standard in every major market except for the United States, making the switch to EMV in the U.S. incredibly important. An interesting thought here is that fraudsters go the path of least resistance, hence, attacking U.S. retailers.
According to credit card processing experts, merchants need to prepare for the likelihood of a breach by hardening the security of their infrastructure and ensuring there is a proper incident response plan in place. Additionally, the risk of credit card companies and banks filing lawsuits against breached retailers will also be motivation for companies to invest in EMV-capable POS equipment.
• Start planning for the EMV liability shift in October 2015.
• Consider the transition to include EMV terminals to process all transactions.
• Include mobile POS options when planning for the upcoming liability shift.
• Talk with a TSYS representative about your plan to support EMV technology.
• Have other layers of security in place to protect credit card data.