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By October 1, 2015, your business must be ready to accept EMV chip card payments. EMV is microchip payment standards created by Europay® MasterCard® and Visa®, and since its introduction American Express® and Discover® have joined the EMV initiative. The United States is the last of the top 20 payment card markets to introduce cards enabled with an EMV smart chip.

Protecting your business and helping you thrive is our passion. The transition to accepting chip cards is a big one, with significant potential impact to your business. We’re here to help you prepare with the products, the expertise and the answers you need.


$8.6 billion

Estimated total cost of fraud per year in the United States (0.4% of the $2.1 trillion card payment industry)



Lost/Stolen, Counterfeit & Non-receipt fraud account for 32% of 2008 US fraud losses, representing approximately $2.9 billion



EMV deployment in the US is estimated to eliminate 95% of lost/stolen fraud



An estimated 90% of counterfeit card fraud could be eliminated with EMV deployment in the US

Source: Aite Group “Card Fraud in the United States” – The Case for Encryption January 13, 2010

How EMV Works

Cards with the EMV chip will work quite differently that the swipe process that consumers have become accustomed to. Payment card s are now inserted or ‘dipped’ into the chip-enabled slot for the length of the transaction. Along with the card authentication a pin or signature ensures that the person presenting the card is the rightful cardholder.

Liability Shift

October 1, 2015 is an important date in payment processing for merchants and issuers; this is the date of the liability shift where the cost of fraudulent transactions due to counterfeit cards will switch to the group with the lesser technology. This means that your business could be responsible for fraudulent transactions. If the card has an EMV chip and the merchant can only accept magnetic stripe than the liability will shift to the merchant, if the merchant is EMV chip enabled and the card is not, the liability will remain with the issuer. If the both the card and merchant are EMV chip enabled, the liability will remain with the issuer.

Upgrading your technology for payment processing not only protects you from fraud but can help you provide better service to your customers as well. An upgrade can provide you the opportunity to accept other payment types that your competitors are not accepting today, such as contactless payment options such as Apple Pay™ which is approximately a 53 percent faster transaction than traditional magnetic stripe transactions. This could give you a competitive differentiator in your marketplace while increasing the security of your sales transactions.

The EMV chip technology will be a standard part of payment processing and it represents a dynamic shift in the way transactions are processed. Now is a great time to learn more about this and other payment technologies and how they can help your business.


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