PayLab is representing Signature Card Services and preparing you for a smooth transition to EMV and what EMV integration will mean for you.
EMV has been adopted by many developed countries, as well as most emerging countries. The U.S. had resisted moving to EMV until 2011 when Visa announced an EMV migration plan that included incentives for adoption and potential penalties for those who did not. MasterCard likewise announced their own EMV adoption plan in early 2012, with Discover and American Express following shortly thereafter.
Those card networks are requiring US processors, sub-processors, and certain larger merchants to be able to support merchant acceptance of EMV transactions no later that April 1, 2013.
What is EMV? EMV (an acronym of founding organizations Europay International, MasterCard and Visa) was initiated to provide a world-wide standard for interaction between chip-based “smart cards” and approved payment devices and ATM’s.
Why is EMV a good thing? These chip-based cards store encryption data for authentication. An EMV terminal reads data stored on the chip-card and authenticates that the card is legitimate, thus preventing the use of stolen or cloned cards. Because chip cards are so secure, merchants that are EMV capable may request to eliminate their annual PCI audit requirements-potentially providing big cost savings for you. (You will still have to PCI Compliant)
What happens if you are not EMV compliant? As the industry transitions to EMV, card networks are shifting the liability for fraudulent card transactions. Beginning in 2015, liability will reside with the party in the processing chain that has the weakest implementation of EMV. That means that you will bear full liability for fraudulent losses, losses that could have been prevented had the merchant installed chip terminals.
How can Paylab help pave the way for the EMV transition? We believe that early adopters stand to gain significant benefits. EMV adoption does not have to be costly or difficult. We are empowering you to embrace this change so you can be ready to reap the benefits that EMV will bring.
Contact Tina to start this transition @ 888.413.9186
