Frequently Asked Questions

What is EMV?

EMV (Europay, MasterCard, Visa) is a global standard for processing payments with credit and debit cards that provides enhanced security against duplicate card fraud. Unlike magnetic stripe based cards EMV cards contain a microchip that generates a unique number for each transaction. This makes using a cloned card very difficult for a card-present transaction.

What is duplicate/cloned card fraud?

Duplicate card fraud involves cloning the magnetic stripe data on a card and manufacturing a counterfeit card to use the stolen card information for purchases. EMV prevents duplicate card fraud by generating unique CVV information for every transaction.

Do I need to upgrade to EMV compatible equipment?

While there are no legal or regulatory requirements to upgrade to EMV equipment after October 1, 2015 the liability for duplicate card fraud will change. Prior to October 1, 2015 the credit card issuing bank was responsible to cover these fraudulent transactions. After October 1 the party liable will shift to the party responsible for an EMV chip transaction to not occur. This means if the credit card issuer has issued an EMV chip card and you do not have EMV compatible equipment you will be financially responsible for any duplicate card fraud transactions.

How do I become EMV compatible?

Many terminals sold recently are EMV ready and can accept EMV transactions after a software update while other terminals may be able to be upgraded by connecting an EMV compatible PIN Pad. POS systems such as Clover are EMV compatible out of the box. If you utilize a third party POS system check with your POS provider to see their EMV upgrade plans. Most virtual terminal providers are expected to have EMV compatible solutions soon. Contact us to find out what is required for your specific equipment to see what is needed to be able to accept EMV cards.