Here are 9 things to expect with your InstantAccept account and EMV:
- What is EMV?
EMV stands for Europay, MasterCard and Visa and is also known as “chip cards” or “smart cards”. Many of you have likely already received replacement credit cards with the EMV chip on the front. They still have the magnetic stripe so you can process the as traditional credit and debit cards.
- When does it go into effect?
Both Visa and MasterCard have set a deadline for making the change to EMV credit card processing for October 2015.
- What happens in October?
After October 1st, there will be a shift in liability for responsibility for fraud losses from the card issuer to acquirer/merchant.
- Oh no, does that affect all of my transactions?
EMV affects only Card Present transactions. If you use InstantAccept for online, phone or keyed transactions, then EMV will not affect your business.
- What does this mean for businesses that do Card Present transactions?
Well you have two choices: One, you can continue to do business as you are now. You can continue accepting card present transactions as you are today but you will be required to accept the liability for fraudulent transactions. Or two, you can convert over to EMV, which will require you to purchase new EMV compatible terminals.
- But what about fraud?
If you’ve never had issues with fraud in face to face transactions, chances are that you are unlikely to have to deal with it in the future. It’s up to your own considerations about cost and risk on whether or not you want to move over to EMV.
- Will I still be able to accept traditional credit and debit cards?
Definitely! Credit cards with EMV chips will still have the magnetic stripe and credit card terminals will still have a magnetic stripe reader to accept them as traditional cards.
- Will InstantAccept be EMV compatible?
Yes, we will!
- What kind of terminal do I need to use with InstantAccept for EMV compliance?
We have several terminals that are in queue for certification. We don’t have an ETA at this point because the card issuing companies like Visa and MasterCard are so backlogged with certifications that they have not given us an ETA. However we promise that when we find out, we will let you know!