Most Consumers Use EMV Chip-Enabled Debit and Credit Cards
With the mandated implementation of EMV cards in the U.S., merchants must update their software and payment processing terminals. These cards have created a global standardized protocol for “integrated circuit” cards. These chips make it harder to create counterfeit cards, as well as steal information as the data is transmitted differently each time it is scanned. In 2005, the EU was already using these cards as the norm, while Canada started the process in 2012. For the U.S., the shift to EMV cards started back in 2013. In 2015, liability for major credit cards like Visa, MasterCard, American Express, and Discover shifted for POS terminals. By October 1, 2016, MasterCard liability will shift for ATMs. By October 2017, Visa and American Express liability at ATMs will shift, as well as major card liability at gas stations. What does this mean for your business?
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