Marketing
The US is the last major market still using this
old-fashioned system of swiping and signing.
EMV technology has taken off around the
globe, especially in Europe and Canada. That
means no more having your card rejected at
the POS when you’re overseas.
So basically, EMV cards do everything that
magnetic strip cards do, just more securely
and conveniently. The only difference is that
instead of swiping at a payment terminal, you
insert it.
When’s the deadline?
EMV compliance will be taking effect by
October 2015. With this comes a liability shift.
This means that merchants who don’t comply
by this date will be liable for any incidents of
card fraud when a customer uses their EMV
card.
What does this mean for school owners?
This means school owners need to jump
on the bandwagon unless they want to be
liable for the costs should a customer’s card
get compromised. You can purchase a new
terminal or a cube for your mobile device.
And as long as you do that before October,
you’re set!
Dojo Nation • March 2015
51