4. Frequently Asked Questions
What is EMV?
EMV stands for Europay, Mastercard and Visa. It is a global standard for
credit and debit card payments with chip card technology. EMV has many
security features to help battle payment fraud and protect card data.
Customers can feel more secure about paying at businesses. Beginning
October 1st, 2015, merchants may be accountable for additional
chargeback liability if they have not upgraded their systems to accept
EMV chip cards.
Do I have to upgrade my current mPOS technology?
It is not a legal requirement for you, however, it is recommended. If a
transaction occurs at your business after October 1st with a fraudulent
card, not having an EMV chip card point of sale system increases the risk
that you may lose a chargeback or dispute.
How will EMV change my business?
You will be providing your customers with a more secure sale process
while protecting your business from chargebacks. Your customers may
require some training on how to do an EMV transaction, and your
employees may also have to be trained so that they know how to operate
the mPOS, and help customers if they have any issues.
How do I take an EMV transaction?
Follow the prompts in the SwipeSimple application. When the app says to
Dip Card, make sure you insert the chip card into the EMV slot. Please
ensure that the card is kept in the slot throughout the entire transaction. If
you remove the card before the end of the transaction, the payment will
not be processed.
What if my customer doesn’t have a chip card?
Our card reader has a separate slot with a magnetic stripe reader that
allows for card swiping.
What happens if I do a keyed transaction?
Responsibilities for fraudulent transactions for keyed transactions remain
unchanged post EMV migration. For a “card present” transaction,
merchants will have more rights over disputed transactions and
chargebacks if the card is dipped or swiped, rather than typed on screen.
7
