Are you ready for EMV 2015?
If your customers pay you with a debit or credit card, this affects you
The Short Report
Don’t have time? Just read this.
- By October 1, 2015, you need to be EMV (chip card) compliant
- This is to reduce fraud and increase security across the U.S.
- You will be held liable for fraudulent charges that happen in your system if you don’t meet these new standards
- If your credit card data isn’t secured by September 1, 2015, Service AutopilotTM will no longer be able to store your credit card information
Save money and protect yourself by switching your credit card processing to BluePay or OpenEdge, or sign up for Authorize.net’s CIM (which will cost you $20 or more per month). Service Autopilot is here to help you with this transition, we have done all of the work. Just click the button below and talk to us.
What is EMV?
You know those credit cards with the chip in them? That’s an EMV card. They’re harder to clone, they have extra layers of verification, and they’re much more secure than the old MagStripe (swipe) cards.
For years, credit card processors all over the world have been implementing this new EMV security standard (named after its original developers: EuroPay, MasterCard, and Visa). This standard is managed by EMVCo, an organization made up of credit card companies, banks, vendors, and other groups working together to increase EMV security and usability.
Despite the security that EMV cards provide, they are NOT the norm in the U.S.
That is, until October 1, 2015.
What's Happening in October 2015?
Estimates show that credit card fraud costs the U.S. more than $8.6 billion a year. Yes, billion. To stem the tide of credit card fraud, the U.S. has finally decided to switch over to the more secure EMV cards.
So, the U.S. is phasing out all MagStripe (swipe) cards.
With millions of MagStripe cards floating around, and thousands of parties involved (credit card companies, processors, vendors, etc.) the U.S. has decided to implement a "Liability Shift" on October, 2015, to encourage everyone to switch to the EMV standard.
What does Liability Shift mean?
What does Liability Shift mean?
Basically, if you don't make the switch, and someone commits fraud through your system, then you will have to pay money. Lots of It.
Merchants or issuers who don’t support EMV technology by October, 1 2015 will be liable for the cost of counterfeit fraud. Previously, credit card companies shouldered the cost of fraudulent charges, but at the beginning of October this liability will be shifted onto the weakest link in the chain (that is, the party with the least security, like those that haven’t upgraded to EMV readers).
Here’s the thing: if your customers pay you with credit or debit cards, this is going to affect you.
“By September 1, we will no longer store any credit card information on Service Autopilot.”
Are You Ready for the Liability Shift?
Service Autopilot has been gearing up for this change by focusing our efforts on increasing our security and helping our members meet industry standards. We are starting early, which means that by September 1 we will no longer store any credit card information on Service Autopilot.
Huge changes like this usually come with a cost, be it time or money. Fortunately, here at Service Autopilot, we want you to make money,
not lose it.
So we have a plan.
We want to help you save money with the credit card processors we trust the most, BluePay and OpenEdge.
To save you time, we will transfer all of the credit card information you have stored on Service Autopilot to BluePay or OpenEdge, whichever one you choose. Both BluePay and OpenEdge are already EMV compliant, which means they won’t be charging you extra fees to upgrade for the Liability Shift.
Once you make the switch to BluePay or OpenEdge, we will be able to ‘tokenize’ all of the credit card information you have stored in Service Autopilot, so you can keep using Service Autopilot just how you like it. The added benefit is that you will increase your protection against
credit card fraud.
What Do You Need to Do Right Now?
Upgrade to EMV technology. If you are using a MagStripe reader in the field, you need to get a chip reader so that any fraud-related liability won’t be shifted on to you. BluePay and OpenEdge are ready to help you out with this upgrade.
Switch to BluePay or OpenEdge. Their rates are incredibly competitive and all of your credit cards will be that much more secure. BluePay and OpenEdge will help you become PCI compliant, which means you won’t be hit by the Liability Shift. Your competitors, on the other hand, might not be so lucky.
BluePay and OpenEdge also have:
- Competitive rates, which means you’ll save more money
- Smoother and more advanced integration with Service Autopilot
- Automatic credit card updating, which includes expiration dates or credit card numbers in case of fraud-related issues
Or you can pay Authorize.net $20 a monthto upgrade to their Client Information Manager (CIM) if you aren’t interested in switching to BluePay or OpenEdge. We will still help you with this. Be aware: because Authorize.net stores your client’s credit card numbers in their CIM database, they make it very difficult and expensive to retrieve your data if you ever decide to switch.
We’ve done all of the necessary work, so all you have to do is click the button below and talk to us.
Whatever you choose, Service Autopilot will help you get it done.