The EuroPay-Mastercard-Visa, or EMV chip is the new standard in credit and debit card technology. The EMV chip is less vulnerable to fraud for in-person transactions because of the advanced technology in security and encryption. The EMV terminals have already been in place throughout the world and will become the standard in the United States in October of 2015.
By the end of 2015, the EMV chip will be the standard in credit and debit card security. If your business does not have the capability of processing EMV credit or debit cards, you are looking to lose many of your customers and be open for huge liability issues with the existing ones. Some 600 million EMV chip credit and debit cards will be in use by the start of 2016. To maintain a strong competitive hold in the market place, the latest technology must be implemented; and if you are a new business owner, it is imperative to start things off right from the get-go. Do not wait! Your customers are already making the switch and so should you.
Here is a small checklist to make sure you are ready: