What to Expect with EMV and InstantAccept

EMV TerminalsEMV stands for Europay, MasterCard and Visa and is also known as “chip cards” or “smart cards”. Many of you have likely already received replacement credit cards with the EMV chip on the front. They still have the magnetic stripe so you can process the as traditional credit and debit cards. Both Visa and MasterCard have set a deadline for making the change to EMV credit card processing for October 2015. After October 1st, there will be a shift in liability for responsibility for fraud losses from the card issuer to acquirer/merchant.

How does EMV affect my transactions?

InstantAccept will be EMV compatible and will affect only Card Present transactions. If you use InstantAccept for online, phone or keyed transactions, then your business will not be affected. If you’ve never had issues with fraud in face to face transactions, chances are that you are unlikely to have to deal with it in the future. Your business needs may differ from other businesses. Your business needs will play a determining factor on whether or not you want to move forward with transitioning to EMV.

You have two options that you will need to take into consideration with moving forward. You can continue to do business as you are now with the understanding that by continuing to accept card present transactions as you are today you will be required to accept the liability for fraudulent transactions.  Or you can convert over to EMV, which will require you to purchase a new compatible terminals. Traditional credit cards with EMV chips will still have the magnetic stripe and credit card terminals will still have a magnetic stripe reader to accept them as traditional cards.

What terminal should I use?

We have several terminals that are in queue for certification. We don’t have an ETA at this point because the card issuing companies like Visa and MasterCard are so backlogged with certifications that they have not given us an ETA. However we promise that when we find out, we will let you know!