Don’t let companies alarm you by telling you that you need to upgrade your equipment as soon as possible due to EMV requirements. This is just not true.
Are you starting to hear the buzz surrounding EMV or Smart Cards?
EMV chip-based payment cards (also known as smart cards) contain an embedded microprocessor chip. The microprocessor chip contains the information needed to use the card for electronic payment, and is protected by various security features.
Why is this needed?
This enables a more robust cardholder verification to protect against and reduce the risk of consumer level fraud. Chip cards also have a magnetic stripe on the back to ensure acceptance at terminals that do not have a chip reading device.
If you have been told that you need to upgrade your terminal remember the following:
You will not be forced to upgrade your terminal, but beginning October 2015, you could have additional liabilities if you don’t have smart card capability. All newly issued card are expected to continue to be printed with a magnetic strip for the foreseeable future. This means that the newly issued cards will still work with your existing terminal.
schmooze inc. has been in touch with all our merchants on if they need to upgrade their terminal. We are providing these upgrades free of charge! Please let us know if you have any questions or concerns about this. We are always here to help. If you have not already received an upgrade and/or not received a letter from us, please contact us and we can tell you whether your terminal is fine or needs to be upgraded. Thank you!