June 11, 2015
After what seems like an eternity of conversation and prognostication on the part of the card associations, the much anticipated transition from traditional magnetic stripe cards to new EMV chip cards will begin in earnest this October. While EMV has certainly been around in one form or another in other global markets, the introduction of EMV into the U.S. is still catching many merchants — and even a number of solutions providers — off guard in terms of liability responsibilities, technology nuances, and even availability of certified solutions
It’s true that EMV brings significant changes, most notably in the shift in liability, and it’s imperative that providers and their clients educate themselves on these new requirements. But where there is change, there is also opportunity. And this could prove extremely beneficial to merchants who will now have the opportunity to take advantage of a number of new capabilities embedded into new EMV-capable point of sale solutions; features that will not only help them comply with EMV, but also reduce operating costs, and deliver enhanced services that will result in a deeper engagement between businesses and consumers.
Solutions providers, merchant service providers, merchant acquirers, and ISOs should play a major role in helping their merchants and retailers understand what’s required of them in terms of complying with EMV, as well as recognizing and capitalizing on the opportunities this transition represents.