What is EMV?

EMV chip technology is becoming the global standard for increasing security on card present credit and debit payment card transactions. Named after its original developers (Europay, MasterCard and Visa), EMV virtual terminals and chip enabled cards work together to verify the card holder. The EMV terminal validates or authenticates the card with the dynamic information in the chip and the card holder validates that they are the card owner while the card is still in the EMV terminal.

What does the October 2015 "liability shift" mean for Merchants?

The United States is adopting EMV chip technology in order to prevent the use of counterfeit cards and help eliminate in-store fraud. The EMV chip cards generate a unique, one-time code for each transaction to be approved.

This fraud reduction initiative impacts both consumers and merchants. Consumers are incrementally receiving new EMV chip enabled cards from card brands. Merchants are adopting new point of sale hardware to process transactions from EMV chip enabled cards.

The credit/debit card brands have new rules that take effect October 1, 2015 based on EMV chip technology. PayTrace is actively developing software that enables Merchants to process EMV transactions. We anticipate having a solution for Merchants available at the end of 2015.

For specific EMV rules and regulations we recommend contacting your merchant service provider. 

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