Implications if you do not have an EMV terminal - Netcom PaySystem
Well October 1st deadline has already passed but you still don't have a EMV terminal, don't worry you are not alone. In fact, according to survey results released by The Strawhecker Group, it illustrates only 27% of US merchants were EMV-ready by the October 1st liability shift. This represents a sizable decline from earlier estimation of 34%.
If the merchant has not upgraded their POS to EMV terminal, liability for fraudulent transactions will shift from the credit card provider to the merchant.
We have provided a list below of EMV compliant terminals that we currently offer.
MYTH #1: Implementing EMV in your business is mandatory and will be enforced by a government regulation.
Last year it was announced that all credit card providers must issue secure chip-and-pin cards to their customers by October, 2015. If the merchant has not upgraded their POS to EMV terminal, liability for fraudulent transactions will shift from the credit card provider to the merchant.
MYTH #2: EMV is Old Technology
EMV was actually developed in 1993 which makes it more than 20 years old.
MYTH #3: Once a business upgrades to EMV, you can no longer accept regular mag stripe cards.
You will be able to use your new EMV terminal to accept both types of cards, mag stripe card and EMV-ready cards.
MYTH #4: EMV is a requirement for complying with PCI Data Security Standards.
You do not need to implement EMV in order to be PCI compliant.
MYTH #5: EMV is very expensive
Answer: Little hard to answer, but we will go with somewhat true.
In most cases, the cost of EMV migration will be somewhere around $500 to $1000.
Although not mandated, Netcom PaySystem can provide state of the art EMV ready equipment at your discretion. If you’re ready, so are we!
About Netcom PaySystem
To learn more about Netcom PaySystem payment processing solutions, simply fill out this quick online application to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680 or by email at firstname.lastname@example.org.
Netcom PaySystem prides itself on being as eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, EMV Capability, ISV/SDK and Virtual Terminal Solutions. In addition, the company offers the merchant access to POS Systems, eCommerce, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital.
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