The EMV liability shift deadline has come and gone leaving many of our merchants in a panic to make the switch to an EMV capable terminal. While many have already made the switch from swipe to EMV capable terminals, we are still receiving a number of calls from merchants who hare concerned that their business will suffer if they haven’t made the transition.
In order to address this concern as well as a few others, we looked to Greg Osgood, VP of Operations and Matt Pohl, Director of Sales here at Integrity Payment Systems to give some insight and guidance to some frequently asked liability questions. Read on as they address some of these concerns:
The liability shift happened on October 1st, 2015, is there any new information merchants need to be aware of since the switch?
Merchants will need to be prepared for when chip-and-PIN becomes prevalent. Currently most, if not all, EMV cards being distributed are chip-and-signature. Related to the liability shift, merchants still need to be vigilant at the point of sale. EMV is not a mandate or requirement of “compliance”, which is a big misconception in our industry. Also, EMV does not protect merchants from getting chargebacks, which is another misconception we continue to hear.
Should a merchant be worried if they haven’t made the switch yet?
This is a great question – because a lot of merchants have been in a state of panic in the few weeks leading up to October 1st. In truth, there is no need for panic. As always, the first line of defense against fraud is the merchants vigilance. Having an EMV terminal is certainly a part of being vigilant, for that reason IPS has stayed ahead of the curve by offering EMV capable terminals years ahead of the liability shift.
How can Integrity Payment Systems help a merchant get the equipment they need?
We rolled out a multi-pronged approach to not only reterminalize our merchant base, but to acquire new business. As always, we like to offer our sales agents the ability to provide merchants with the latest technology. But also, we’ve consistently reached out to our merchant base to remind them of our EMV options and liability shift.
What EMV capable terminals does IPS offer?
We offer a full line of counter-top, mobile, and Wi-Fi options. In addition, we have options for POS system integration and pay-at-the-table for restaurants.
Is there a merchant story you can share about how IPS has helped a specific merchant with the switch? How quickly did they receive their terminal?
There are many, but one that sticks out is a large, local, fine dining establishment that needed to implement an EMV pay-at-the-table solution in short order. We hand delivered several units and trained the entire staff that very same day.
What is a piece of advice you would give a small business owner about EMV?
The best piece of advice we can offer is be mindful of unscrupulous sales agents out there telling you that you are out of compliance. We have heard many stories of merchants being told Visa/MC can shut down their business or that they are breaking the law.
At Integrity Payment Systems, our goal is to provide all merchants with the information and assistance they need for a smooth transition to EMV acceptance. Would you like more information about how your business can make the switch to EMV? Contact us here, give us a call at 866-988-4882, email us at firstname.lastname@example.org or comment below.