08|2021
April 17, 2021 was the deadline for upgrading all payment terminals to accept EMV (chip payments) and magnetic stripes. After April 17, merchants will be held at higher liability for non-EMV compliance.
EMV is the process of authentication for chip-based card-present transactions. Without EMV authentication, your business is at a much greater risk of fraud and chargebacks. Skimming, hacking and other fraudulent activity associated with non-EMV transactions has been on the rise and is only expected to continue without these proactive measures.
While this upgrade is not required by law, it is essential to reduce risk exposure and to keep your business from experiencing costly chargebacks. It takes time to tailor your services, set up your equipment, configure and test your pumps; if you haven’t taken this update into consideration, now is the time to do so! The risk of fraud is ever-present, and the longer you wait to accept EMV the more you’ll be liable for down the line.
Contact us to get EMV set up at your location today!
Categories:: Credit Card Processing, Security