What are the implications on Maitre’D POS?
First off, we need to put forward one simple fact: official specifications for POS integration with EMV in the US have only partially been released so far. Our team recognizes the importance of EMV, and the impact on your business. Please rest assured that we are constantly monitoring updates on EMV specifications, and liaising with all of our partners in the payment processing industry to make sure we have the latest information.
That being said, we also want to emphasize the fact that Posera has successfully developed, certified, and implemented an integrated EMV (chip and pin) solution in the Canadian market and European market. Our teams have experience and in-depth knowledge on EMV solutions, and are ready to make any necessary changes once EMV specifications are available.
Please feel welcome to share this information with your customers as well. We will do our best to communicate any updates on EMV with our reseller channel.
What is EMV?
Source:
www.datacapsystems.com EMV is a card interoperability standard originated in Europe for the use of chip cards (also known as ‘smart cards’) which are generally accepted to reduce card payment fraud - a problem that continues to grow. Visa, MasterCard and American Express are pressing to bring EMV to the US, but delays are possible and even likely due to the extensive and complex payments infrastructure currently in place in the US, the cost and timeframe of associated changes/upgrades and the current lack of EMV specifications.
Key EMV Dates/Milestones
Effective 1 October 2012, Visa will expand the Technology Innovation Program (TIP) to the U.S. TIP eliminates the requirement that eligible merchants annually validate their compliance with the PCI DSS for any year in which at least 75% of the merchant’s Visa transactions originate from dual-interface EMV chip-enabled terminals, in addition to meeting other qualification criteria. Of course, PCI DSS compliance must be maintained even if not annually validated, and the additional qualification criteria is extensive, so this is not a silver bullet and is not relevant to MasterCard, American Express, and Discover.
Effective 1 April 2013, all acquirers are now required to be able to support chip transactions.
Effective 1 October 2015, a liability shift is scheduled to be implemented, shifting liability from acquirers to merchants for fraudulent transactions that occur at non-EMV locations that would have been avoided if EMV had been implemented at said merchant location. Merchants will need to assess the potential financial impact of this liability vs. the cost of implementing EMV.