What is an EMV payment dispute?

A dispute occurs when a cardholder contacts their bank and asks for a transaction to be reversed. Once a payment dispute is filed, funds that were previously deposited to your bank account are at risk of being forcibly returned to the card used to make the purchase.

Can you dispute a chip transaction?

Unfortunately, a customer can dispute any charge, and the customer’s bank which issued the card is the one who decides how the dispute plays out. The only way a chipped card should have been able to be swiped is if the chip was refused 3 times.

Are EMV chips required by law?

EMV compliance law stipulates that all businesses need to upgrade their point-of-sale (POS) systems to accommodate EMV chip cards and EMV compliance. Otherwise, you won’t be able to avoid liability under new credit card chip reader law.

What is a chip liability shift?

While Card Issuers and Acquirers/Processors actively implement chip technology, the payment networks have announced Liability Shift and Technical Fallback dates, at which time the liability for fraudulent transactions will shift to merchants that have not implemented Chip & PIN devices.

What is liability shift for enrolled card?

Under something dubbed ‘the liability shift,’ when your firm is accepting only chip cards, it will be liable for fraudulent transactions whenever the card presents a chip card.

Is EMV required?

In short, no. EMV chips are not required by law, but rather by industry standards. The U.S. government could have stepped in and forced the credit card industry to adopt EMV technology, which is aimed at preventing fraudulent use of credit cards in transactions where the card is present at a merchant’s terminal.

Is EMV required for PCI compliance?

PCI is a recently updated set of standards that aim to prevent card data theft and data breaches. In short, PCI compliance is mandatory for all businesses that accept card payments. EMV is not mandatory, though it is strongly encouraged.

How are EMV terminals used to reduce fraud?

EMV credit card terminals are used to support a joint global standard for acceptance of chip-cards and smart cards, chip payment applications and devices plus chip payment gateway procedures. What is an EMV card? It’s a credit card with a specialized microchip that is used to reduce fraud.

Can a credit card be accepted in an EMV terminal?

With more and more cards containing a secure chip, it is vital that your business is able to accept EMV credit cards by offering EMV payment processing. Ever-improving card technologies demand a change in how the payment is accepted and a shift to EMV compliant terminals.

Can a magnetic strip be used in an EMV terminal?

EMV terminals with contact chip card readers enable the embedded microchip to send the card data to the POS system, replacing the magnetic strip. Most banks and financial institutions will still issue cards with a chip and magnetic strip for cardholder use where merchants have not updated to EMV standards.

Is the Verifone Vx520 countertop terminal expiring?

The standards are part of the overall merchant requirements to maintain the security of cardholder data. Those rules change over time and a bunch of Verifone equipment is expiring, including the popular Vx520 countertop terminal and Vx820 pinpad.