What is EMV?
EMV (Europay, MasterCard, Visa) is a newer type of credit card being issued to consumers containing a small electronic chip which protects your customers’ data better than a magnetic stripe alone. A secure, unique code is generated for each transaction. This added security has already been widely used around the world to reduce fraud for many years.
What is the EMV liability switch?
In October 2015, Visa, MasterCard, Discover, and American Express shifted liability of fraudulent card-present transactions to the least EMV-compliant party.
How does this affect my business?
Now, if a fraudulent transaction happens at your place of business and you are NOT equipped with EMV-capable equipment, your business may be liable for the cost of the fraudulent transaction and chargeback fees.
If you do not have an EMV-compliant terminal, this does not mean your equipment is broken or will stop working. And you will not be fined. It means you may become liable for fraudulent charges and fees if your hardware does not currently accept EMV-compliant transactions.
Do I have to upgrade?
You are not required to upgrade your equipment—the liability shift is to encourage you to do so. Take the time and figure out what the best decision is for your business.
Here are some of the small benefits of upgrading your POS technology:
- Security — The latest EMV technology has built-in security for each transaction.
- Consumer trust — The new equipment has gained public interest. Many consumers now have upgraded chip-enabled cards from their issuers, so they may be looking for this type of security at the time of purchase.
- Mobile payments — The latest terminal and POS equipment comes with technology to accept NFC mobile payments such as Apple Pay and Google.
Whenever the time is right for your business to upgrade, we have your back. Rest assured knowing we’ll consult with you on how we can help make the transition as seamless and easy as possible.
I’m ready to upgrade now. Can Gravity set me up?
Yes! We are equipped with the necessary technology for your terminal to support EMV payments.
What should I do next?
Gravity will help you choose the best solution for your business. Please have your current equipment model number at hand when you call.
- If you’re already a Gravity Payments merchant, contact your sales rep to discuss your needs or call us at 866-701-4700.
- If you’re using hardware from a third party vendor, contact the hardware vendor directly to ask about EMV upgrades.
- Not a Gravity merchant but interested in upgrading? No problem! Our Support Team is happy to help answer any of your questions. You can reach us at 866-701-4700 or go to our Contact Page and send us a quick message.