“Ready or not here we come…” It was one of the most outstanding records in the 1990s but

today merchants seem to be singing to this Fugees classic. Well, it is not that they have

suddenly discovered some hidden talent in music but only that the October 2015 timeline

for the Europay, MasterCard® and Visa® (EMV) card switch is around the corner.


Whether you are a consumer or a merchant you must have come across this trending topic.

It sounds like a new technology yet the three companies actually developed this global

standard way back in 1994. It is a micro chip technology aimed at making Vis and

MasterCard plastics globally compatible while also enhancing security.


Behind the Hype


To fully appreciate what the EMV switch is all about you have to step back and get more

insight lest you get lost in the words being bandied around. For starters, this technology

shifts from the common magnetic stripes by embedding a microprocessor chip to store

sensitive credit card data.


With countries in the Asia/Pacific region, Canada and EU already adopting this chip

technology the Payment Networks’ have created a roadmap to do away with magnetic

stripes. This is considering that over half of all card fraud occurs in the U.S and more

importantly, the country is the single largest user of credit cards.


Reaping Big from Visa/MC EMV Switch


One of the most frustrating aspects of the magnetic stripe is of course the risk of fraud. For

years banks have borne the blunt of fraudulent transactions as they are forced to

compensate card owners. With the EMV switch everyone becomes a winner because as a

merchant you enjoy a lower credit card processing fee while banks avoid the

unnecessary compensation.


Liability Shift


The fact that there is a liability shift during the changeover makes all the difference. As a

merchant you are expected to provide POS terminal within the deadline provided in the

timeline. In this case this is October 2015. What this means is that if any fraud occurs at

your point of sale the liable party will be the one that is less compliant with EMV



If the bank has not yet provided EMV cards to its customers it will be liable in this case. On

the other hand if you don’t have an EMV compliant POS terminal as a merchant you will

face penalties if any fraud occurs at your store.


By working with http://pymntadvisors.com during this changeover you will be able to

identify the best rates for credit card processing. Indeed some companies are offering

amazing deals now that there are fewer risks involved in POS terminals as opposed to

when magnetic cards were all the rage.


In terms of the initial set up fees you can jump on the current promotions where some

credit card processing companies are offering free EMV terminals to qualified merchants

again translating to savings during the shift.


There is no denying the limitless benefits of the Visa and MasterCard EMV Switch. It is time

to make the switch and start reaping these benefits.