EMV (Europay, Mastercard, Visa) is the new standard in credit and debit cards containing the new “one transaction, one key number” microchip.
The new “chip” card has been in use in other parts of the world for several years now. Starting October 1st 2015 in the US, all credit and debit card transactions should be conducted on the appropriate equipment. After October 1st, “the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction”.
Basically, this means that if your business accepts a fraudulent card with the card being present, then you will most likely be held liable for those charges.
By now, most card and merchant service providers have made the efforts to provide the correct equipment for your business. Most card providers have sent individual and business users the new “chip” card. I must admit it took me several weeks to activate my card but that process moved forward rapidly as I researched for this blog.
PJ Networks suggests that if you have not yet received new processing equipment or new cards, contact your bank and merchant services provider immediately.
As an obvious understatement, you should realize that your business in NOT PCI compliant if you have not installed and activated your new processing equipment.
PJ Networks can help you understand and ensure compliance with PCI and any other security questions or concerns you may have.
For more information on PCI compliance and EMV, this article from Payments Leader digs into the topic in detail: http://www.paymentsleader.com/will-retailers-be-ready-for-emv-by-oct-2015/
