Issue link: https://read.dmtmag.com/i/585738
30 Oil Prophets The long awaited EMV (Europay, MasterCard and Visa) liability shift has arrived. Beginning Oct. 1, petroleum merchants using POS systems who aren't equipped with EMV-enabled payment terminals could be held responsible for chargebacks on counterfeit cards used inside the store. Considering the recent wall-to- wall coverage of the impending change, this most likely isn't news to you. But while much has been made about EMV, not everything being reported about it is true. With misinformation scattered across the Web, understanding what's real and what's not is a tough task. Stay in control of when and how you want to implement EMV in your establishment by learning the truth about five of the most common EMV myths. Myth #1: You are required to implement EMV Contrary to popular belief, EMV is not a requirement. The notorious Oct. 1 "deadline" only applies to card issuers – not merchants. Although installing a system capable of reading EMV-enabled cards will reduce your liability for fraudulent transactions, no government agency or industry association will issue you a fine for failing to do so. In fact, new survey results from Software Advice, which provides research and user reviews on point-of-sale systems, revealed that only 22 percent of SMB retailers are expected to be EMV-compliant by the time October rolls around. Take caution, however, as the consequences associated with failing to upgrade may still apply. If, for example, a customer uses a stolen credit card, you could be on the hook for the bill in the event that you are less prepared to accept EMV-enabled cards than the bank or payment processor. Myth #2: The only step involved in becoming EMV-ready is plugging in a new payment terminal From training your staff on how to take EMV payments to educating customers on the EMV credit card chip technology, deciding to implement EMV is just the first step toward becoming EMV-ready. One 5 of the Most Common EMV Myths Debunked By: Chester Ritchie, SVP of Worldpay US