With one year to go, merchants will see a shift in chargeback liability. October 1, 2015 will be the migration deadline for EMV readiness and businesses will then take on the risk from fraudulent use of counterfeit, lost and stolen cards. You might have noticed a big push by acquirers to "incentivize" or "motivate" merchants to upgrade to EMV hardware. This is because aquirers will also bear the burden of chargebacks if EMV compliance is not demonstrated. Despite the cost, there may be a benefit or two for the merchant to upgrade sooner than later.
From a consumer's point of view, chip technology is state of the art. Merchants that display responsibility for consumer security may have a competitive edge. Perhaps the most enticing in my opinion is the release of liability if merchants process all of their card-present transactions with an EMV terminal. This could prove to be a huge cost savings for high-risk businesses or simply those that unfortunately experience poor customer eticate. As they say, "only time wil tell."
Check in with us today to see what EMV compatible terminals are supported by your processor.