Accepting Credit Cards EMV Chips by October 2015

Accepting Credit Cards by 2015

In the credit card processing world, things are changing, and they are changing somewhat fast.  Mostly, we avoid changes because they are not required or needed, however; this change will impact everyone, drastically. Accepting credit cards is an important thing. What change is this? Well, it’s a simple, yet complex change.  Its the change from swiping your credit card, to having a”EMV, which stands for Europay, MasterCard, and Visa, is a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.

 Importance of Accepting credit cards


According to Wikipedia the definition and explanation of EMV/Chip Card Techonlology in credit cards is “EMV is a joint effort initially conceived by Europay, MasterCard and Visa to ensure the security and global interoperability of chip-based payment cards. Europay International SA was absorbed into MasterCard in 2002.  Accepting credit cards  is critical to your businesses success. The standard is now defined and managed by the public corporation EMVCo LLC. JCB (formerly Japan Credit Bureau) joined the organization in December 2004, and American Express joined in February 2009. China UnionPay was announced as a member in May 2013,[1] and Discover joined the corporation in September 2013.[2] The EMVCo members MasterCard, Visa, JCB, American Express, China UnionPay, and Discover have an equal 1/6 interest in the standards body.[3] IC card systems based on the EMV specification are being phased in across the world, under names such as “IC Credit” and “Chip and PIN”.” – Wiki Source

Technology behind  Accepting credit cards

This technology is critical for maintaining and keeping charge-backs low.  Since the target credit card processing breach and other well known, high popular breaches, we see a need to move into this direction.  What does this mean for you as the merchant? It means that you must comply by October 2015 if you do not want to be held liable for your charge-backs. Whats a charge-back?  Let me explain, its a dispute to the transaction that you ran for a sale of services/products.  If by October 2015, you do not have a chip card reader and accept the credit card in this manner, you will be held responsible for your charge-backs, as they are now responsibly held by the processor who handles your credit card transactions. What does this mean for you? It means that you MUST get a chip-enabled machine immediately to avoid any problems. If you own a jewelry store, sell a diamond ring on credit card to a customer, and they find something wrong with it  and or just want to take advantage of you, they can dispute the charge (after October 2015) , and if your customers card wasn’t read through the EMV technology chip cards, and they dispute the transaction, you can say bye the merchandise, and the money.  What will happen is your bank account will be debited for the monies in the dispute process. After this, the processor will check how the card ran (must be run chip), if it wasn’t, and it was swiped, you will automatically lose your charge-back rights, and have to forest the product and the money to the customer disputing the chargeback, no matter who’s a fault (you the “merchant” or the customer). Visit us at CPS for Accepting credit cards

This blog is written so that you can become aware of these important changes that will impact your business and be able to  learn how Accepting credit cards will help your business grow. Since the credit card processing industry has such high turnover, we cannot adequately imagine that everyone will know this information, and be ready for this change.  We hope this article spreads throughout the internet so that you may, in fact, understand your rights, responsibilities, and protections when accepting credit cards in your business.



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