EMV, what is it? Why do businesses have to have it? When? What are the penalties for not having EMV capability?

EMV stands for Europay Mastercard Visa.

What is EMV? 

EMV is the standard,globally, for inter-operation of integrated circuit cards(chip card, or IC) and IC card capable point of sale (POS) terminals and ATMs, for authenticating credit and debit card transactions.

EMV is a joint effort initially conceived by Europay, MasterCard and Visa to ensure the security and global interoperability of chip-based payment cards. Europay International SA was absorbed into MasterCard in 2002. The standard is now defined and managed by the public corporation EMVCo LLC. JCB (formerly Japan Credit Bureau) joined the organization in December 2004, and American Express joined in February 2009. China UnionPay was announced as member in May 2013,[1] and Discover joined the corporation in September 2013.[2] The EMVCo members MasterCard, Visa, JCB, American Express, China UnionPay, and Discover have an equal 1/6 interest in the standards body.[3] IC card systems based on the EMV specification are being phased in across the world, under names such as “IC Credit” and “Chip and PIN“.

Ok, so now we know what the technical terms of EMV are, and who and where it came from, TELL ME IN LAYMANS TERMS WHAT THE HELL THIS IS!! Ok, stop yelling please.

EMV is the way that all credit cards are going. The current infrastructure of cards and card processors are magnet stripe based and EMV is the new standard that is paving the way for the future, and the not too distant future at that. These cards have a micro processor that will only interface with specific EMV capable terminals, the old ones wont take them. Why is this important? In October, 2015 it will be mandated by all major Credit Card companies that a merchant have EMV capability.

What if you don’t? 100% liability of ALL fraudulent card activity will fall upon the merchant. 

That’s very significant when you consider how much damage can be done. Can your business survive a 10,000$, 20,000$ loss at one time where you have to cover the loss? For small business, probably not.

How about a big business loss?


If it can happen to giant retailer like Target it can happen to any business at any time. EMV technology will keep your business protected and also keep the liability on the Merchant banks instead of on you. This is a very important matter to consider for your business and I would love to discuss solutions that would custom fit yours. You can contact me at cvann@capitalbankcard.com to ask questions, set an appointment or schedule a conversation.


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