The October 2015 EMV liability shift deadline is just four months away. As the country prepares to integrate EMV credit card processing, merchants are responsible for providing means to accept EMV payments at their locations. While the liability shift is voluntary, any fraud that occurs through a merchant’s systems could prove to be costly.
About the EMV Liability Shift
In October of this year, the EMV liability shift will take place. This deadline was put in place to encourage merchants to acquire new POS systems and other means of accepting payments from the brand new credit cards. While merchants do not necessarily need to adapt to the new technology by this date, they could be held liable for any costs incurred during fraud—such as a data breach.
The Rush to Meet the Deadline
Merchants around the U.S. have been rushing to meet the deadline, amid fears of being held liable for million-dollar fraud scenarios. Some merchants have requested that the deadline be pushed back, albeit unsuccessfully. Since adapting to the new system takes time, patience, and money, many merchants are left without a clue, if they even know about the shift at all.
EMV Resources for Merchants
The good news is—merchants aren’t alone when it comes to the EMV liability shift deadline. There are resources out there designed to provide seamless support to merchants struggling with the shift.
First, there are Visa’s online EMV tools. As one of the biggest proponents of EMV, Visa has provided a series of online guides and software available to all merchants looking to make the EMV switch.
Then there’s Visa’s 20-city tour, where you can attend one of the events to learn more about EMV technology, and better ways to adapt to the new POS systems before the liability shift.
Instabill is a global merchant services provider based in the U.S. Since we provide merchant accounts for many business located here in the United States, we like to keep merchants informed on what resources they can use to assist with the impending EMV liability shift.
To learn more about EMV credit cards, or to apply for one of our merchant accounts, simply contact one of our expert merchant account managers today.