EMV Compatible Point of Sale Software (POS)
Is your Point of Sale (POS) Software compatible with the new EMV (EuroPay, Mastercard, Visa) regulations going into effect as of October 2015?
Here is a quick summary of the EMV changes:
- The EMV liability shift goes into effect as of October 2015, aimed to help reduce credit card fraud in the US which is estimated to be at over $8.5 billion annually.
- EMV is a smart chip technology which will be replacing the older magnetic stripe on debit cards and credit cards.
- The EMV smart chip technology is also called “smart card” and “chip card”. The industry standard will be “chip”.
- ALL credit card terminals, Point of Sale stations, Kiosks need to have EMV readers by October 2015 to meet the liability shift.
- Gas pumps and ATM upgrades will be required by October 2017.
- Mag stripes will still continue to work after October 2015, however the fraud loss liability will shift to the merchant (ie. retailer store) on that date.
- If using mag stripe after October 2015, merchants will be responsible for credit card fraud loss.
- EMV readers must be available for all “card present” credit and debit transactions. “Card not present” are online and hand keyed transactions (ie. over thephone).
- EMV does NOT require pin pads for credit or signature debit transactions. Pin pads are required for Pin Debit and Pin Credit transactions.
- EMV is not a new technology. It was been used in Europe since the 1990’s and is already in place in Canada and in most other countries.
- There will be over 9 million terminal replacements / upgrades as well as 900 million EMV cards issued.
- Most EMV credit card terminals will also accept NFC (Near Field Communications) for NFC credit cards (contactless cards) or Mobile Wallets that use NFC technology.
- EMV credit cards are not necessarily NFC or contactless. These are known as “EMV contact” cards and must remain in the credit card terminal for the entire transaction.
- The transaction for EMV contact transaction does take longer than a swipe or tap transaction.
What this means for your business is that you must become EMV compatible by October 2015, otherwise your business could be liable for all fraudulent credit card transactions processed at your stores.
Our AmberPOS software is fully compatible with the new EMV regulations through our partners at Element Payments.
For more information and to see a demo of our AmberPOS software click here.
For more information about Element Payments, click here.