Frightened About EMV Compliance

How to become EMV® chip-compliant before the end of the year

Halloween is always one of the most anticipated holidays of the year, most closely associated with scary-fun activities like trick-or-treating, pumpkin carving and creative costumes.  

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Frightened About EMV-Compliance

Oct 26, 2017

Frightened About EMV Compliance

How to become EMV® chip-compliant before the end of the year

Halloween is always one of the most anticipated holidays of the year, most closely associated with scary-fun activities like trick-or-treating, pumpkin carving and creative costumes. But if you’re a point-of-sale (POS) merchant who hasn’t yet made the transition to accepting EMV payments, you’re probably nervous you could be held liable for fraudulent swiped transactions. There’s no need to let your hair stand on end or remain paralyzed with fear; becoming EMV chip-compliant is actually pretty easy. Best of all, if you take action today, you’ll be ready for the busy holiday season and the only surprises you’ll experience in October will be who rings your bell trick-or-treating on Halloween night.

What is EMV and how does a chip-enabled card work?

First, let’s define the meaning of EMV. As you may have noticed, EMV (Europay Mastercard® Visa®) cards feature a micro-processing chip that generates a unique number (or cryptogram) for each individual sales transaction. Instead of swiping a credit card, customers “dip” their card chip first (the small, metallic square on the card) into the slot in an EMV-enabled terminal and the cryptogram is transmitted from the chip to the issuing financial institution. Once the card is authorized, the customer removes their card from the reader and the transaction is completed.

Because the cryptogram changes with each and every transaction, it’s almost impossible to use a cloned or lost/stolen card to complete a card-present transaction via the slot where one inputs chip-enabled cards. As a result, EMV is the best-available technology for authenticating cards and has resulted in drastic reductions in card-present fraud.

Why you should be EMV-compliant

It’s in your best interest to become EMV-compliant as soon as possible because it helps protects you—and your customers—from fraudulent transactions. First and foremost, it reduces your risk of financial liability. As noted on our Accept EMV Payments page, “businesses that are unable to support chip cards have been held financially responsible if a fraudulent transaction occurs.” And because “chip-enabled terminals also accept magnetic strip cards, contactless and manual payments,” you can complete all your payment transactions with one device, while also dramatically reducing the number of chargebacks that stem from counterfeit and stolen cards.

If you’re still feeling spooked by EMV compliance and you’re a POS merchant who hasn’t yet made the transition to an EMV-capable terminal, there are a few things you can do to help protect yourself from fraudulent transactions. For one, make sure the last four digits on the presented card match what is printed on your sales receipt. Also, be wary of high-dollar purchases that are out of character for your business.

How to become EMV-compliant

Don’t let the fear of the unknown take over your business sense. All you need to accept EMV payments is a software update and the installation of an EMV-capable terminal. TSYS® is ready to help you make the transition, with terminals and readers, which are available to merchants ready to take advantage of the benefits of this more secure technology. Call TSYS at 1.888.845.9457 or contact us to get started.

EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries. ©2017 Total System Services, Inc. TSYS® is a federally registered service mark of Total System Services, Inc.

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