Are You EMV-Ready for the Holiday Shopping Season?

Imagine this scenario: A customer comes into your establishment and makes a purchase—a big purchase—and hands you an EMV® “chip” card. You swipe the card because you are not yet EMV-ready. Well, if that customer ends up disputing the charge, they could win the dispute, because you are not capable of taking an EMV chip card.  

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Are You EMV-Ready for the Holiday Shopping Season?

Dec 3, 2018

Are You EMV-Ready for the Holiday Shopping Season?

Imagine this scenario: A customer comes into your establishment and makes a purchase—a big purchase—and hands you an EMV® “chip” card. You swipe the card because you are not yet EMV-ready. Well, if that customer ends up disputing the charge, they could win the dispute, because you are not capable of taking an EMV chip card.

Think it won’t happen to you?

This holiday season, the shadiest of shady consumers may be looking to exploit businesses that aren’t yet EMV compliant in an effort to acquire goods without paying (by disputing charges after-the-fact).

And because there are fewer and fewer EMV non-compliant businesses out there, it’s increasingly likely that those who aren’t EMV-ready will be victimized. It’s not unlike why the gas pump is the most likely place for a credit card to get skimmed; gas pumps cannot readily be made EMV-compliant, so they remain the preferred target of credit card skimmers.

But at the businesses that are EMV compliant, card-present fraud has declined precipitously. “For merchants who have completed the chip upgrade, counterfeit fraud dollars dropped 75% in March 2018 compared to September 2015,” advises Visa in its most recent chip card status report (June 2018).

As for the pace of the mass migration to EMV, that same report tells us that 3.1 million retailers (or 67% of storefronts) are now accepting “chip” cards, up from a mere 392,000 in September 2015. And just about all U.S. consumers are now utilizing chip cards; Visa notes that 97 percent of all payment volume in June 2018 was on EMV payment cards.

So if you’re a merchant and aren’t yet EMV-ready, it’s time for some tough love, because you’re long overdue. After all, the EMV liability shift occurred on October 1, 2015—more than three years ago. On that date, in-store counterfeit fraud liability shifted, with merchants who have not yet adopted EMV “chip” technology becoming financially responsible for fraudulent transactions.

And arguing that it’s too difficult to find or enable a new solution no longer holds water. In 2018, becoming EMV-ready can be simple as a quick change of terminal and a software update.

Better yet, EMV gives you a good excuse to upgrade and modernize your payment processing capabilities. For one, most EMV-ready terminals are equipped with near field communication (NFC) technology, which enables you to take contactless payments and allows your customers to use their mobile wallets.

Have questions? Or would you like guidance on making your business EMV-ready? Don’t hesitate to give TSYS a call at 888.845.9457. Or for more information about EMV, see TSYS’s Accept EMV Payments page and our white paper: The Simplified Guide to EMV for Merchants.

EMV is a registered trademark or trademark of EMVCo LLC in the United States and other countries. www.EMVCo.com, ©2018 Total System Services, Inc. TSYS® is a federally registered service mark of Total System Services, Inc.

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