Payment Processing is an ever evolving industry and we want to make sure our customers have the knowledge about industry trends and important happenings in the ATM and Payment Processing world. It’s commonly known that tens of millions of large merchant customers have been left victim to credit card information theft in recent years and with the major retail and restaurant locations in the news, we can now add Home Depot. EMV (Europay, MasterCard, Visa) technology, made safer with a computer chip (and possibly a PIN requirement), is looking attractive to brick and mortar retailers as the stories hit closer and closer to home for local businesses. Payment Processors have foreseen that October 2015 would be when merchants would need to have EMV available at their business, but that needle moves daily. What is also clear at this juncture is that magnetic stripe cards (without the chip), will be less desirable to merchants given that liability for fraudulent transactions will likely fall on the merchant if that business has not implemented a EMV capable system of some sort. If, on the other hand, the bank has not issued a chip embedded card to the purchasing consumer, the bank will be liable for fraudulent charges. This suggested protocol is for all parties to get involved and implement the systems.
Wal-Mart, Target, Home Depot, Jimmy John’s and PF Chang’s are just a few of the publicized companies who are jumping on board with EMV and we want to let our customers know that we are here to assist with customer needs and questions regarding EMV. A great resource is www.emv-connection.com, or just call us at the office and ask for a member of the sales team.
Retail Profit Systems, Inc