EMV Compliance
• OUR EMV LEVEL 1 & 2 COMPLIANT READERS ACCEPT BOTH CHIP AND MAGNETIC STRIPE CARDS.
• EMV PROVIDES ENHANCED FRAUD PROTECTION, CARD HOLDER VERIFICATION AND TRANSACTION AUTHORIZATION.
• USE WITH IPHONE, IPAD, AND ANDROID DEVICES AND APPLE PAY.
• ASK ABOUT OUR FREE EMV TERMINAL PROGRAM
WHY IS EMV POS EQUIPMENT MANDATORY?
In October 2015, the much-discussed Payment Networks’ Liability Shift associated with EuroPay, MasterCard, and Visa (EMV) is due to take effect in the United States. It’s a major milestone for financial companies (meaning banks and credit unions), credit card issuers, retailers, and more.
The main driver behind the EMV migration is card-related financial fraud. Despite the best efforts of global law enforcement agencies, global losses have risen steadily, increasing pressure to find a global solution. Annual costs of card fraud in the U.S. alone are estimated at $8.6 billion per year. Experts believe that figure will rise to $10 billion or higher by 2015, especially if the U.S. does not make significant progress with chip card adoption.
The rising cost of fraud is accompanied by a concurrent rise in mobile payments. In 2010, the total gross dollar volume of mobile payments in the U.S. alone was $16 billion; some experts expect this volume to rise to $214 billion by 2015. If ever there was a time to ensure compliance with a global chip-compatibility strategy that reduces fraud, it’s now. This is especially true in light of the fact that many countries are now considering banning traditional magnetic stripe cards, a technology standard in use for over 40 years. It’s estimated that 40% of the world’s cards and 70% of its terminals deployed outside the U.S. are today using the EMV standard. Visa, a prime mover in the US migration to EMV, states that the pace of EMV-adoption is accelerating globally, estimating that right now, 62% of transactions conducted across international borders involve a chip-enabled card used at a chip-enabled terminal. Currently, our government is content to let the financial industry set its own course- but that hands-off approach may not last long.
One key component in the EMV discussion is its accompanying liability shift. This liability shift means that those issuers and merchants using non-EMV compliant devices that choose to accept transactions made with EMV-compliant cards assume liability for any and all transactions that are found to be fraudulent.
BankCard West has you covered. Call to get your EMV POS Equipment converted today.
