What does EMV stand for and where did it come from?
On October 1, 2015, the EMV standard (EMV standing for Europay, MasterCard, and Visa, the three companies which originally created the standard) was officially enacted by EMVCo, a consortium with control split among Visa, Mastercard, JCB, American Express, China UnionPay, and Discover.
The standard, which is wildly misunderstood and was resisted in the US by banks and merchants due to the sheer cost of conversion, was enforced by these payment products associations by mandating that merchants (not banks or issuers), in very specific cases, would now be liable for fraudulent purchases.
What is EMV and when does it protect merchants?
An EMV chip helps control counterfeiting by using the chip, versus a magnetic strip, to authenticate the card holder. Chips are much more difficult to copy, however EMV only protects a merchant from fraud if a counterfeit card (i.e. duplicated or “white-labeled”) is ‘dipped’ at their point of sale. This means that all future swipe transactions are not ‘covered’ by issuers if a counterfeit card was used, regardless of whether it has a chip or not.
What do I need to know about it?
Bluefin is now accepting orders for the EMV compatible devices. RepairQ will be fully supporting these devices. We have several articles available with detailed information on how to get them setup properly, as well as troubleshooting procedures to follow in the event of an issue.