EMV: What It Means to Vendors


Europay, Mastercard, and Visa (EMV), also known as “Chip Cards,” “Smart Cards,” or sometimes “Chip and PIN,” is causing merchants to reassess how they should process cards for point-of-sale transactions. The replacement credit and debit cards with chips in them that you have very likely been receiving in the mail is all part of the new global standard for authenticating credit and debit card transactions. While this technology is newer to the United States, 99.9% of Europe has already converted to this credit card processing technology, and eighty other countries are in the process of migrating to EMV. Adaption is going global because EMV is expected to significantly reduce card fraud and prevent card-related data breaches like the one Target experienced in 2013. According to the 2015 Association of Financial Professionals Payments Fraud Survey, ninety-two percent of respondents “firmly believe that EMV cards will be effective in reducing point-of-sale (POS) fraud.”

Alone, the new chip cards won’t reduce the risk of fraud; businesses will have to be prepared to accept them. There is an EMV-related credit and debit card fraud liability shift taking place on October 1, 2015 that could have a substantial impact on businesses that accept card payments. We hope you will be able to join us for Let’s Talk Business—our breakfast learning session—to discuss what this means to you and your business. You can reserve your spot for our Nashville or Clarksville session.