EMV- Whats it REALLY all about?

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EMV.  This is a major buzz word today, and from the questions we have been receiving, it appears to be a really confusing topic.

So, let’s take it and try to make it real easy to understand.


EMV stands for Europay, MasterCard, and Visa. These are the companies that got the ball rolling.

What EMV does is change who is at fault when credit card fraud happens.  That’s it. Really.

The new cards will have a chip in them. When they are inserted into a chip reading device, the chip adds a unique transaction number to the sale.

emvchiponcard(Image supplied by VISA).

If you have the chip reading equipment, and there is a fraudulent sale, then you are not responsible.

If you don’t have the equipment and there is a fraudulent sale, you ARE responsible.

If you have the equipment, but the card does not have the chip, the bank that issued the card is responsible.

If you take a card number over the phone, you have always been responsible for that anyway, so, no change.

That’s it in a nutshell!

When put into plain language, it really is not a huge change!

So what about a situation where the credit card processor has not made the chip reader active yet, or has not yet sent you a chip reader?

Well, contact them.

We know that some of the chip devices are not yet ready, so Intuit has been sending out a notice to their payment clients stating that intuit will accept the liability until March 31, 2016, or you receive the equipment. In some cases, like with QuickBooks Point of Sale v 12, if you have the debit pad, the capability is already in place to read the chips, but the software update to turn it on has not yet finished testing and been sent out. That will come as an update to QB POS. Until it does, the liability is covered by Intuit.

So the thing to remember is:

It is really not a big change. And, until everything is in place, Intuit has your back.