Are You EMV Ready?

Are You EMV Ready?

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!

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