CrossCheck Blog

CrossCheck Blog

Check Processing & Payments Information

EMV Deadline Fast Approaching - October 1, 2015

Posted by Tom Lombardo | Wed, Sep 23, 2015 @ 10:49 AM

On October 1 merchants who can't accept the new EMV chip-embedded credit cards will become liable for credit card fraud occurring at their business.

But many have determined they're not in any particular rush to comply before the deadline.

businesses-experiencing-credit-card-fraudUpgrading to an EMV terminal takes time and effort and a couple hundred dollars and many small businesses have decided that they'll take the risk instead. Two-thirds of those with fewer than 500 employees do not intend to comply on time.

One reason for the lackluster response is that fewer than half of the credit card holders in the U.S. have been issued an EMV card, even though the deadline is less than ten days away. The need for EMV seems less urgent when the cards are seldom tendered in the first place.

According to the Wall Street Journal, many businesses conduct a sort of in-house fraud analysis as well. Merchants with modest invoice totals and decades of credit card processing without a single charge-back don't see fraud as a threat they need to handle.

And yet, according to the most recent data available, in 2013 one in ten merchants suffered losses due to credit card fraud.

We've been protecting our clients from fraud and risk for three decades, and since we comply with so many laws, meeting mandated deadlines is just part of our business. 

We recommend that all of our clients who accept credit cards make the investment in an EMV and check processing compatible solution before month's end. Even if you've never seen an EMV card and you miss the date, we encourage you to comply as soon afterward as you can. Call for a free consultation and we'll walk you through the details.

check processing free consultation

Written by Tom Lombardo