Update on EMV readiness – Sept. 17, 2015
We previously notified you that we are waiting the certification process to complete for the EMV readiness of the software and hardware. At this time, certifications are complete for all card brands with the exception of MasterCard®. While we do not have a specific date for the MasterCard certification, we want to begin accepting pre-orders for the EMV-compliant equipment and software.
You may be interested in knowing the payment industry’s EMV implementation status.
As of July 2015, 29% of all credit cards issued and 10% of all debit cards issued were EMV/Smart Cards. Based on published EMV card rollout schedules released by banks, they are forecasting that 70% of credit cards and only 41% of debit cards will support EMV by the end of 2015.
Also 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. They anticipate that number to reach 47% by the end of 2015.
These numbers are low and reflect the industry’s struggles to make the software and hardware enhancements and get the validations and certifications completed in a timely fashion. While we have been working on this for the past several months, Bookstore Manager has fallen prey to the delays caused by the industry wide rush to validate and certify hardware and software.
As a reminder, the EMV liability shift deadline does not mean merchants will not be able to accept payments cards. No matter your status on October 1st your card acceptance capabilities will remain the same. The liability shift is simply a shift in who is responsible for fraudulent transactions. On September 30th, the card brands are the liable parties. On October 1st, that liability shifts to merchants that are not EMV-compliant for transactions using an EMV-capable card. (If a card doesn’t have an embedded “chip”, fraud liability still remains with the card brands, even after October 1st.)
The positive news for the Christian industry is that Christian retailers and churches are at the lowest end of risk to suffer a fraudulent transaction. This does not mean that you should not be vigilant for fraud, but simply that your business is least likely to suffer this type of transaction.
We again thank you for your understanding and patience in implementing this change.
Grace and Peace,
Your BSMGR Support Team
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