EMV: What is it and how will it impact your business What does EMV stand for? Europay, Master Card, and Visa What is the EMV Chip? The chip is a secure microprocessor built into each card, which generates a unique number for each sales transaction in a restaurant and verifies a credit card is authentic at the time of a purchase. This makes it virtually impossible to use a fraudulent card on a card-present transaction. Options for EMV acceptance? Chip and PinChip and Signature Debunking 8 Common Myths about EMV Myth #1 Implementing EMV in your restaurant is required and will be enforced by the government or security council. Fact If you are a restaurant operator, no government agency or industry association is requiring you to implement EMV. You will not be fined if you do not implement EMV by the often referred to deadline of Oct. 1 st, This is not a deadline. It is your decision weather or not you want to implement EMV. Myth #2 EMV is required for complying with PCI Data Security Standards Fact You do not need to implement EMV in order to be compliant with PCI Data Security Standards. While EMV can be one component of your data security, it is not required or mandated by PCI DSS, nor will implementing EMV make you PCI compliant. Myth #3 Once you implement EMV, you will no longer be able to accept credit cards with magnetic strips Fact Believe it or not, magnetic stripes on credit cards are going to be with us for quite some time. If youre EMV ready, when a customer pays with an older magnetic stripe credit card youll simply swipe it through our new payment terminals card reader. So regardless of whether or not you have implemented EMV, youll be able to take all cards in your restaurant. Myth #4 EMV protects you restaurant from a data security breach Fact Remember- implementing EMV alone will not protect your restaurant from being hacked. While EMV protects you from counterfeit card use, its not the end-all-be-all of restaurant security. There are measures that you can put into place that are not provided by EMV, such as encrypting credit cards, tokenization, proper firewalls, etc. Myth #5 EMV will rapidly achieve mass adoption by both credit card issuers and other restaurants Fact Estimates are that only 20-30% of cardholders in the US will have new EMV ready cards by Oct 1 st. Meanwhile, industry experts are saying it will take 3-5 years in order for EMV to reach full acceptance in the US and actually in Europe the adoption took much longer. Myth #6 If you dont implement EMV, you wont be able to accept credit cards after Oct 1st Fact Even if you do not implement EMV-enabled payment devices by Oct 1 st, your business will run the same as it did on Sept 30 th aside from the liability shift. Both older magnetic stripe cards and newer EMV cards can be accepted by non-EMV merchants as the new chip cards will also have magnetic stripes available for that very reason. Myth #7 Transitions to EMV is as simple as plugging in a new payment terminal Fact Making your restaurant EMV ready can involve a lot of discussions, questions and planning about different things: your POS system, your payment processor and the right kind of terminal devices. Its also crucial that you understand the impact EMV technology will have on your operation; be prepared to train your staff appropriately and assist customers with using there EMV credit cards Myth # 8 You do not need to need to worry about PCI Data Security Requirements if you use EMV Fact This statement is not true. EMV chip technology improves the security of processing credit card transactions, but does not remove your requirements to comply with the Payment Card Industry Data Security Standards Further Questions Speak with your POS provider or your payment processor or talk to us after Karen Lamb