EMV Myths Debunked for the Retail Industry

SOURCE: Counterpoint POS

I’m sure by now you’ve noticed the option to pay via a chip in your card and insert your card at the bottom of the system, instead of simply sliding your card as you’ve traditionally done. These types of payments provide your card with much more security and less liability to credit card fraud.

On October 1, 2015, a liability shift occurred as it relates to responsibility for paying for chargebacks for counterfeit cards used at a retail store. Between the retail stores, the bank that issued the credit card, and the payment processor, whoever is prepared the least to accept EMV payment cards will now be responsible to pay for the chargebacks.

With this still being a relatively new practice it can still be confusing for some users. The folks at Counterpoint POS have put together an infographic below, debunking common myths regarding EMV credit card processing.

Check it out!