ROSYAN BOOKKEEPING SERVICES
Your affordable Bookkeeping & Consultancy Services.
Tel: 202.422.4586 Email: [email protected]
My Blog
Blog
Are You Ready For The New Credit Card Rules?
Posted on September 16, 2015 at 9:53 AM |
Have you wondered what the word "EMV" means? Most People have been confused and lost in the meaning of EMV; the fact that the Global Standard for computer chip based cards goes into full force on October 1st 2015 is not helping matters. Today, we will unravel the meaning of EMV, as well as the features. What is EMV? EMV stands for Euro pay MasterCard and Visa. It is a Global interoperable standard for chip-based payment cards. The New EMV Cards literally feature a computer chip on the front and they require a new point -of- sale card reader to verify the chip. Why EMV? It is a technology standard that resides in a secure computer chip embedded into a payment device. It offers the following features:
What it
does?
How it Works
Beginning October 1st this Year, no one is expected to swipe their card
anymore instead we would be expected to insert our card into a terminal slot. Below are the steps to using the New EMV Cards: a) Insert Card: Instead of Swiping, Card is now inserted as it appears on the picture. b) Leave Card In: Card Stays in terminal for the duration of the Transaction. c) Sign Receipt or Enter Pin: Sign Receipt Or enter PIN to complete transaction. d) Remove Card: Remove Card when the purchase is complete. What This Means. Presently, when counterfeit fraud occurs, merchants are not liable and consumers don't end up paying for it either. Rather, the Card issuers take the liability. With the introduction of the EMV Chip Card, there is a liability shift, which means that if there is an incidence of card fraud, whichever party has the lesser technology will bear the Liability.For instance, if a merchant is still using the Old System after October 1st 2015, they can still run transactions with a Swipe and Signature system, but they will be liable for any fraudulent transaction, if the customer has a chip card. The same goes for a merchant with a new terminal, for which the Bank has not issued a chip and PIN card to the customer, the Bank would be liable. The key point of a liability shift is to create co-ordination in the market, so that issuers and merchants can invest in the migration at the same time. The sooner the migration takes place, the faster fraud will be driven out of our system. HOW TO BE EMV READY (as a Business Owner). 1) Check if you are in an EMV Card Operation environment. An EMV Card Environment is a point of Sale Transaction environment, where consumers use their cards at the point of Sale. 2) Check if your equipment is ready to handle the new EMV Chip Card operation. Most Businesses already have Machines with terminals, that are ready to handle the new card, but they are currently not utilizing it. You may need to upgrade your machine or get a new one to be EMV enabled. 3) Contact your POS (Point of Sale) vendor. 4) Ensure that consumers INSERT their card into the terminal slot, instead of swiping. HOW TO BE EMV READY (AS A CONSUMER). 1) Ensure that you contact your Bank to issue you a New Chip card, if you are yet to receive yours by now. 2) Get ready to start INSERTING your card into the terminal slot at any point of Sake Transaction and remember to STOP Swiping. 3) A Consumer can choose to add the PIN Number feature to their card instead of signing. (this enhances added security). Exemptions to EMV. 1) EMV Chip card Rules does not impact E-Commerce Based Transactions. 2) It does not operate in a Not-Present environment, since this pushes counterfeit fraud away from the system. It is advisable that Business Owners with an E-Commerce presence would be wise to beef up their online payment security.As a Reminder, the Euro pay, Merchant and Visa (EMV), the Global standard for Computer -Chip based cards goes into full force on October 1st 2015. If your Business is not equipped to process chip card at the point of Sale transaction, you will be liable for any credit card fraud.Do not risk the potential cost of a credit card security breach; the result can be devastating to your Business. If you need more information on the EMV Rules, Feel free to call us on 202.422.4586 for more information. |
Categories: Chipcards, Credit Card Rules, EMV, New Credit Card Rules
Post a Comment
Oops!
The words you entered did not match the given text. Please try again.
4 Comments
Loading...

Reply
Free Commodity Tips
10:58 AM on November 30, 2015
You are all welcome. We really appreciate your wonderful comments. We are also glad to know that our tips are helpful to everyone of us and can be applied in every areas of our lives, especially having some cash handy during the holidays. Our Goal is to continue to educate us financially and improve our cash flow. We promise to maintain this. Please stay tuned for more. Thanks.

Reply
Stock Future Tips
11:32 AM on February 9, 2016
Great article post by you. I appreciate for this good contribution on the web.

Reply
Rosemary
3:03 PM on February 9, 2016
Thank you for appreciating our posts. Our Goal is to serve you better with information that will enhance your financial lives. Please stay tuned for more helpful information. Thanks.

Reply
assignment writing service in australia
11:49 AM on August 15, 2018
Is this somewhere we can get an estimate on tax deductions and related information? I would love to add more to this stuff here if I only know something about it.
Categories
- bookkeeping,Tax Returns,QuickBooks,Bank Reconciliations,bookkeeping services,small business (21)
- Budgeting,Accounting,Business Planning (11)
- QuickBooks,Small Business Bookkeeping,Bookkeepers rates,business decisions (15)
- New Year Resolutions (4)
- New Yer Planning (5)
- Balance Sheet (7)
- Balance Sheet Reporting (10)
- Account Setup (6)
- bookkeeping (29)
- Tax Filing (16)
- tax refunds (18)
- Tax Returns (17)
- Accounts Payables (3)
- Accounts Receivables (6)
- Business Budgeting (8)
- Business forecasting (8)
- Inventory (1)
- Online Banking (4)
- Payroll (10)
- QuickBooks Review (6)
- QuickBooks Setup (13)
- QuickBooks Software (11)
- QuickBooks Support (8)
- QuickBooks Training (9)
- Finance Management (4)
- Law of Money (3)
- Money Perspective (3)
- Personal Finances (4)
- Spending Wisely (9)
- Tracking your expenses (13)
- Financial Position (4)
- Tax Preparation (12)
- Cash flow (6)
- Cash flows (4)
- Small Business Setup (5)
- Business profit (9)
- profit (6)
- profit forecast (3)
- profit making (6)
- 2014 standard mileage rates (1)
- 2014 Tax Returns (2)
- 2015 Tax Filing Season (3)
- Business Expenses (10)
- Health Insurance credits (1)
- Fraud (2)
- Online Fraud (2)
- quickbooks (11)
- Wealth Management (2)
- Chipcards (2)
- Credit Card Rules (4)
- EMV (2)
- New Credit Card Rules (3)
- 2015 Tax Returns (3)
- 2016 tax filing season (7)
- Year End (7)
- tax season (9)
- Tax Deductions (10)
- 1099 Tax Filing (2)
- 2016 tax (4)
- 2017 Tax Filing Season (5)
- w-2 (9)
- lower your taxbill (4)
- Tax Bill (10)
- 2016 Tax Filing (2)
- 2016 tax returns (4)
- 2017 tax filing (4)
- credit card expense (2)
- 2017taxes (4)
- 2017TaxSeason (5)
- taxes2017duedate (3)
- Personal development (1)
- Intuit Road Show (1)
- passion (1)
- 401K Contribution Limits (1)
- 401K Retirement (2)
- IRA (2)
- IRS (7)
- 1099 filing (4)
- 2017 Tax Returns (4)
- 2018 Tax Season (5)
- 2018taxes (4)
- 2018taxreturns (4)
- Intuit (1)
- proadvisors (5)
- quickbooksproadvisors (1)
- quickbookstraining (4)
- ITIN Number (3)
- ITINs (3)
- Tax ID (3)
- accounting (5)
- careerdevelopment (1)
- entrepreneur (3)
- youthempowerment (1)
- giftcard fraud (1)
- giftcards (1)
- 1099filing (3)
- 2019taxseason (3)
- w-2s (2)
- 2019taxreturns (2)
- taxes (4)
- taxreturns (4)
- taxseason (3)
- corona (1)
- Coronavirus (2)
- covid19 (2)
- stimuluscheck (4)
- stimuluschecks (6)
- stimuluspackage (5)
- COVID-19 (2)
- Economic Injury Disaster Loan Program and Advance Loan (1)
- EIDL (2)
- loan documentation (1)
- loan documents (1)
- non-profits (1)
- paycheck protection program (2)
- PPP (2)
- SBA Loan (4)
- small business owners (4)
- EIDLGrant (2)
- EIDLloan (1)
- loandocument (1)
- PPPloan (1)
- PPP loan (1)
- bank loan (1)
- bank reconciliation (1)
- reconciliation (0)
/
Oops!
Oops, you forgot something.