Thought box: EMV & thee
This collection of chip card-related articles includes the feature stories most read by small businesses like yours here on Vantiv.com.
Four individual articles and two compilations, including the study guide, EMV made easier for SMB—a study guide, as well as the National Small Business Week feature, Do you need EMV?, are designed to help you with everything from EMV basics to some of the very specific reasons why you should move to chip card acceptance.
Let's start at the beginning. There's no EMV "mandate"—you're not required to upgrade to chip card acceptance. But there are some realities that you should be aware of before you experience the bite in your wallet. First, the October 1, 2015 fraud liability shift. It's on and it's real. Essentially, and as of that date, liability for fraudulent point-of-sale transactions shifts in the direction of the party least EMV enabled. There are few scenarios under which you will shoulder the chargeback associated with transactions claimed to be fraudulent if you're not able or ready to accept and process chip card transactions.
While many smaller businesses have seen themselves as immune from likely chargebacks, reports suggest that even the smallest businesses have experienced EMV-related chargebacks for even small-dollar amounts.
To support your own thinking and consideration of chip card acceptance, read the thought box. Start with EMV basics for merchants. It's Chip Card 101. Continue with EMV updates for your credit card processing terminal that you should know about. That piece looks quickly at how the major card brands looked at responsibilities following the shift. Next up is Navigating EMV, which details liability shift scenarios and includes a deep-dive U.S. liability flowchart to show you who's responsible for what following the October 2015 shift. Finally, 5 reasons why you should upgrade to EMV acceptance crisply argues why you should upgrade. The two compilation pieces EMV made easier for SMB and Do you need EMV? take you on quick, short paths to understanding EMV better.
The time to EMV readiness will be determined by your own processing configuration and the readiness of providers you work with. For those using stand-alone terminals, upgrading to EMV-enabled ones is often the fastest path to EMV readiness. And, in most instances, those upgrade terminals also feature available near field communication (NFC)—the technology that allows you to accept mobile wallets such as Android Pay and Apple Pay.
Consider EMV well and let us know how we can help.