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EMV liability switch
WHAT IS EMV CHIP TECHNOLOGY?
www.gravitypayments.com
On October 2015, Visa, MasterCard, and American ...
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EMV Migration and Its Impact on Merchants and Community Businesses

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October 1, 2015 marks a major milestone in the U.S. payments landscape. As of that date, liability for
fraudulent, counterfeit credit and debit card transactions shifts from issuers to merchants, unless those
merchants have migrated to POS technology that accommodates credit and debit cards manufactured in
compliance with the EMV (Europay/MasterCard/Visa) standard. In this primer, we take a look at what
EMV is, what the liability shift is meant to accomplish, how migration will benefit merchants and what
consequences merchants should (and shouldn’t) expect from failure to embrace EMV-compliant
technology. We also dispel some of the myths surrounding EMV implementation, layout the basic
groundwork for EMV migration and explore other technologies that should be implemented in conjunction
with EMV as part of a comprehensive data security solution.

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EMV Migration and Its Impact on Merchants and Community Businesses

  1. 1. EMV liability switch WHAT IS EMV CHIP TECHNOLOGY? www.gravitypayments.com On October 2015, Visa, MasterCard, and American Express are shifting over card-pres- ent liability to whoever is the least EMV-compliant party in a fraudulent transaction. If a fraudulent transaction were to happen at your place of business after October 2015 and you were NOT equipped with EMV technology, the cost of fraud would now fall back on you. The future of credit card and debit card transactions to help increase security,reducefraud,andsupport future value added applications Every customer’s card will be em- bedded with a microchip that stores and protects their data better than a magnetic stripe. For every new sale, a custom- er’s chip card uses a new en- cryption code making each and every transaction more secure WHAT IS THE LIABILITY SWITCH? HOW WILL THIS IMPACT MY BUSINESS? Contrary to what you may have been hearing, as of right now and up to October 2015: Your current technology is NOT out-of-date Your current technology is NOT illegal Your current technology is NOT being fined We’re equipped with necessary technology for your terminal to support EMV payments. We’ll advise you on equipment upgrades as the time grows near and support you when the time is right for your business. If you have more questions, give us a call at (866) 701-4700 or go to www.gravitypayments.com/contact. SHOULD I BE WORRIED RIGHT NOW? #1 The U.S. has the most credit card fraud in the world $5B Amount of U.S. card fraud losses over the last year 24% Amount of credit card transactions the US makes up worldwide 50%Fraudulent credit card transactions the US is responsible for worldwide

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