Merchant Link is doing a lot to prepare for EMV! One of the biggest challenges with EMV is the certification process and requirements shift radically from the magstripe world. The certification is no longer completed strictly between Merchant Link and the payment processor. With EMV, we must certify the solution from the card reader/PIN Pad all the way to each card brand as it is the brand that must decrypt the chip data. Additionally, any changes that happen along that path require recertification. This means that to keep our customers from having to be involved in certification, we must deploy a solution that includes ways to drive the PIN Pad and customer interaction and process directly to Merchant Link outside of the POS/PMS. This is a pretty big shift and requires a number of components.
First of all, EMV is not a mandate. We hear a lot about the looming October 2015 date but there are a lot of misconceptions about what will happen at that time. Rates will not increase for non-compliance and fines will not be issued but rather the chargeback liability rules will shift.
We have prepared a series detailing everything about EMV, the implications for merchants and its availability on the Merchant Link Gateway. What is EMV? EMV stands for Europay, MasterCard and Visa, the companies who came together to create the standard for chip card technology in the early 1990’s. The governing body of the standard is now called EMVCo and includes the other major card brands as of the 2000’s.
Running a business today brings a both risk and reward. As a merchant, how much risk are you willing to take on? Evaluating risk tolerance will depend on the short and long-term goals you have to protect your greatest asset: your brand. As a merchant, success depends on assuring the strength of both your brand and your customer base. With all of the money a merchant spends on research & development, focus groups, audits and infrastructure, it is important to now include data and credit card security as part of your brand promise.
After the fall out from the Target breach, 2014 looked to be the year of security and EMV preparation. In some ways this was the case as there was more discussion and interest in security tools like point-to-point encryption and tokenization. Unfortunately the PCI Council made P2PE validation so difficult to obtain, that the financial savings from investing in these types of security technology quickly evaporated and this became a nice to have item in the plethora of POS projects that merchants sift through each year. That was until Home Depot announced their breach and P2PE was again on the front burner.