Effective October 2015, the U.S. has been mandated to adopt the chip and signature standard, also known as EMV (Europay, MasterCard, Visa). This type of smart card technology is a proven global payment security measure to help prevent card fraud. Is your business ready for the migration?
The EMV migration will replace magnetic-stripe, or mag-stripe, payment cards with safer chip-based cards, which means every one of your point-of-sale (POS) terminals must be a chip-capable unit. Not only will hardware require upgrades, but the software on the system will require updating to support new EMV transaction requirements.
So where do we stand today?
- According to EMVCo, 1.55 billion EMV cards- accounting for 41% of the total payment cards in circulation worldwide- have been issued as of Q2 2012.
- It also reports that 18.7 million EMV-compliant POS devices- accounting for 71% of the total number- were installed in Q1 2011.
From simple wireless solutions to high-end point-of-sale systems, Maverick is here to get you EMV compliant. Please feel free to contact Maverick today in regards to knowing what it takes to be EMV compliant!