EMV Compliance


EMV or chip card technology, long used in Europe, makes it harder for criminals to produce counterfeit credit and debit cards. EMV Stands for Europay, MasterCard and Visa, the three companies that created the standard.
Starting Oct. 1, 2015, merchants who haven’t invested in EMV-enabled equipment will be liable for fraudulent purchases made with a counterfeit credit or debit card.
EMV cards are smart cards (also called chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes, although many EMV cards also have stripes for backward compatibility and will continue to have for the foreseeable future. They can be contact cards which must be physically inserted (or "dipped") into a reader, or contact-less cards which can be read over a short distance using radio-frequency identification technology. Payment cards which comply with the EMV standard are often called chip-and-PIN or chip-and-signature cards, depending on the exact authentication methods required to use them. It’s not clear when "chip and PIN" will arrive in the United States for EMV cards. So even if your client hasn’t installed an EMV reader, you can still continue to take and process card payments just as they always have. It is predicted that 29 percent of credit cards and 17 percent of debit and prepaid cards will be EMV-enabled by the end of 2015.