October 2015 is the deadline. Do not wait, get EMV ready now!
What is EMV and what does it mean to businesses?
By October 2015, U.S. merchants will be subjected to new Europay, MasterCard, and Visa (EMV) standards, which reflect a shift from magnetic-stripe credit cards to chip-and-pin cards. Considered safer and widely used across Europe and other nations, the chip-based cards require insertion of the card into a terminal throughout the entire transaction. EMV compliance is currently required for credit card acquirers and processors, though it’s not currently mandated for merchants and processors until October 2015. Merchants who don’t meet compliance by October 2015 will assume the liability for fraudulent purchases. This could result in small businesses paying large fines upwards to 10’s of thousands of dollars.
At Omega Bank Card Services, we are EMV ready and want to make sure our customers are as well. Contact us today to learn more about our FREE EMV terminal upgrade for businesses with no long term contracts and early termination fees.