Update on EMV Readiness (Sept. 30, 2015)
We continue to wait for the Master Card certification to complete the EMV enablement of the software and hardware. We share your frustration in that we started this project nearly two years ago but are unable to release the enhancements with the liability shift deadline upon us.
Here are a few considerations to remember as we leave September and begin October.
First, the liability shift does not affect your card acceptance capabilities. However, the liability for fraudulent cards will shift to you, the merchant. While Christian retailers are at the lower end of risk for fraud, you should be more alert to odd or unusual transactions that do not fit your normal business model. As a reminder, it is always a good practice to verify a customer’s identity (like with a Driver’s License) when accepting checks or credit cards. Keep in mind, that only EMV cards encounter the liability shift. Non-EMV cards (Mag Stripe) will continue to fall under the liability of the card issuers.
Second, most cardholder information is stolen when entire systems are breached (Target, Home Depot, etc.). Additionally, online transactions are not covered by the liability shift.
Finally, we are not alone. As of July 2015, 20% of all terminals and point of sale systems were EMV ready. Based on the current certification schedules, the industry expects only about 40% of all merchants that accept credit and debit cards to be EMV ready on October 1st. They anticipate that number to reach 47% by the end of 2015. Further, card issuers have only replaced about 60% of credit cards with EMV enabled cards. Debit cards have an even lower issue percentage.
We are also working with the front end processors (providers of authorizations), NPC, and device manufacturers to offset the EMV certification costs. Our hope is to eliminate the monthly fee that covers the initial and future certification costs.
All in all, we are on the cusp of being ready to deploy the new EMV products. If you have not already pre-ordered your device please do so by following the link below.
|Click here to view your EMV readiness options and place your pre-order.|
We trust that you will join us in praying that this process will be completed quickly and costs reduced to us all.
Grace and Peace,
Your BSMGR Support Team
firstname.lastname@example.org | (800) 997-6724 (option 2)