The EMV® mandate is here.1 If you haven't already, now is the time to plan a strategy to prepare for this change.
At a high level, this shift places the liability for counterfeit fraud on the entity who has not implemented EMV technology or the entity who has implemented the lowest level of EMV technology in the case of lost, stolen and counterfeit fraud. This is a shift from the today’s commonly used magnetic stripe scenario where the issuer is responsible for the fraud.
At Bank of America Merchants Services, we understand that you have many needs for your business and that you may not have implemented EMV yet. Just because the liability shift is here doesn’t mean there still isn’t time for you to take action. We see the EMV transition happening for many businesses over the next 24 months. We do encourage clients to get the ball rolling and engage in a discussion – if you have not already – about what your company’s migration plan should look like.
We believe that the adoption of EMV technology will accelerate as the consumer becomes more educated about card security. The consumer perception of EMV will likely shift from a “nice to have”, to “the security I demand.” Bank of America Merchant Services welcomes the opportunity to consult with every merchant that wants to be EMV compliant and assist them with the transition in a timeframe that makes sense for their business.
Bank of America Merchant Services point-of-sale solutions, including Clover™ Station, are EMV-compliant.2 We can help you take a fresh look at modernizing your POS system to maximize what it can do for your business, and help you evaluate if our other products and services may benefit your business.EMV Resource Center
Contact your Bank of America Merchant Services business consultant to learn more.
If your point-of-sale-system doesn’t read EMV chips, you may be liable. Fortunately, we offer point-of-sale systems that read EMV chips.Get Started