What is EMV and how will it affect your business?

What is EMV and is it the same as “chip & pin”?

EMV stands for Europay, MasterCard, and Visa. It is the global standard for chip-based Debt and Credit Card transactions. It is a joint effort between Europay, MasterCard and Visa to ensure security and global acceptance so that MasterCard and Visa Cards can continue to be used everywhere.

EMV cards contain embedded microprocessors (chips) that provide strong transaction security features and other application capabilities not possible with the magnetic stripe cards we use today. The standard has many nicknames worldwide like “Chip and Pin” or “Chip and Signature” Is EMV used anywhere in the world today?

Yes, over 80 countries are currently using EMV cards. The United States is the last major country to migrate to EMV. The card associations have already begun moving towards an EMV-based payments infrastructure in the United States.

What’s so secure about EMV? The chip in an EMV card helps secure transactions in three ways:

Card Authentication

Cardholder verification

Transaction authorization

What difference will it make if a merchant can’t accept an EMV transaction?

The card associations have mandated liability shift starting in October 2015. In laymen’s terms, this means that whoever has the most secure technology wins in a counterfeit care dispute. In other words, if the merchant was using an EMV terminal but the issuer has not provided the cardholder with an EMV card, the issuer would be responsible in the dispute. If the cardholder was issued an EMV card, but the merchant was not using an EMV terminal, the merchant is liable.

What’s the difference between EMV-ready and EMV-capable?

There is no difference. Once the card brands have finished certifying EMV applications, merchants who are using EMV-capable equipment will be able to accept EMV cards with just a short download.

Will cardholders still need to sign receipts?

It’s up to the issuers to decide which cardholder verification method (CVM) must be used: PIN, signature, or nothing. The chip will direct the terminal to prompt for the correct method.

How will e-commerce merchants take EMV cards?

EMV is designed to fight face-to-face fraud and does not apply to the e-commerce or mail-order industries.

Will merchants need special or new equipment?

Yes, all merchants will need to ensure their current equipment is EMV capable, or they will need to purchase new equipment that is EMV capable.

Does Tanker Consulting Services have EMV capable equipment available?

Yes, I have CHIP READY, APPLE PAY READY, EMV COMPLIANT capable equipment that can be deployed in 3-5 business days!.

Where can I find more information about EMV and how I can save money on my merchant services program and equipment?

Call or write Scott Tanker @ 609-922-0201 or email me


Tanker Consulting Services EMV FAQ