WHEN IS THE EMV LIABILITY SWITCH?
On October 1, 2015, Visa, MasterCard, Discover, and American Express shifted liability of fraudulent card-present transactions to the least EMV-compliant party.
HOW DOES EMV AFFECT MY BUSINESS?
If a fraudulent transaction happens at your place of business after October 1, 2015, and you are NOT equipped with EMV-capable equipment, your business may be liable for the cost of the fraudulent transaction and chargeback fees. This does not mean your equipment is broken or will stop working, and you will not be fined. It means you may become liable for fraudulent charges and fees if your hardware is not upgraded to accept EMV-compliant transactions.
DO I HAVE TO UPGRADE?
You are not required to upgrade before October 1, 2015—but the liability shift is to encourage you to do it as soon as possible. Whenever the time is right for your business to make the switch, we have what you need. We will consult with you on equipment upgrades to help you make the transition as seamless and easy as possible.