The EMV liability shift deadline has come and gone. That means all U.S. businesses using non-EMV-compliant technology will be held responsible in the event of a fraudulent payment card transaction. While these new cards may be unfamiliar to shoppers stateside, it’s a transition that many other countries have successfully made. In fact, the United States is one of the last countries to adopt chip card technology. Still, as the saying goes, better late than never since the U.S. is home to 47 percent of the world’s fraud (with only 23 percent of total global purchases). EMV’s mission is to change that, and make payments in the U.S. more secure.
But there’s more to EMV than a change to fraud responsibility. Though much of the payment process has remained the same, understanding what the different is will make a big impact on everything from preparing cashiers to informing customers. Here are three key changes businesses with EMV-ready terminals (and your IT customers that are planning to upgrade soon) should know about.
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