The move to EMV (Europay, Mastercard, and Visa) is coming. Beginning October 1, 2015, merchants will need to accept EMV (also known as smart chip technology) credit cards and benefit from the safe harbor provided by banks and credit card issuers surrounding credit card fraud, or continue using magnetic stripe cards and take on the financial liability of credit card fraud.
EMV is a much more secure platform than the magnetic stripes we are used to seeing on the back of our credit cards. Businesses are strongly encouraged to make the transition to EMV-compliant terminals; however, it may be some time before all companies accept EMV payments.
For those businesses that are not using EMV technology, we recommend that you mitigate credit card risk by:
- Reviewing card reports daily
- Setting transaction limits for corporate card purchases
- Verifying card security codes
- Confirming the customer’s ID is authentic
- Implementing authorization measures (like Verified by VISA or MasterCard SecureCode) for your online transactions – this is recommended no matter what sort of credit card terminal you have.
Our team is always available to help you ensure that you’re aware of the latest technology and features to support your business’s operations and payments security.
Contact a member of our Treasury Management team at 303.531.8100 or visit our Locations page to find an office near you, and ask about receiving a complimentary review of your business accounts.