What You Should Know about EMV
- The mandate effects all card present transactions
- Nightclubs, Bars and Restaurants have been greatly affected due to the card present environment
- If anyone disputes a transaction and you do not have a chip compliant terminal, you will automatically lose the dispute, regardless of if the card was lost or stolen
- With EMV, Chip cards will have either a Chip and Signature or Chip and Pin, this is decided by the issuing bank and is not in your control
- If it is Chip and Pin, the transaction will be very similar to a pin debit transaction, the customer will be required to insert their card and enter a pin number
- Because the customer has to enter a pin number, the transaction process needs to be in front of the customer, also known as pay-at-the-table
- If you do not have the proper EMV equipment, the customer will not be able to use their credit card to pay