EMV, the smart chip credit card, provides merchants with increased fraud protection from counterfeit, lost, or stolen cards. Today, if you swipe a fraudulent EMV/chip card with a magnetic stripe reader, you could be liable for that charge.
Intuit is working with its partners to offer EMV-ready versions of QuickBooks Payments Mobile, Desktop, and Point of Sale solutions.
The bottom line is that if you are a merchant accepting credit card payments, you must become EMV-compliant.
Here are more details by product:
- Purchase EMV hardware devices to be used with the software. POS Warehouse has everything you need to be EMV-compliant.
- GoPayment and QBO will automatically be compliant. No need to purchase new software.
- QuickBooks Enterprise, Pro, and Premier users need to install the latest version. Check with your POS Warehouse consultant before doing any upgrades.
- QuickBooks POS customers must upgrade to QB POS Desktop 18.0.
Check out these EMV FAQs:
Q: What are EMVs, and why are they important?
A: EMVs are the global standard for smart card payments. EMV refers to smart or chip cards that contain an embedded chip, which provides stronger security features. They’re important because EMVs provide merchants with increased fraud protection from counterfeit, lost or stolen cards.
Q: Are you required by law to have EMV technology?
A: A merchant is not required by law to use EMV technology; however, he or she will become liable.
Q: What does this mean for your customer’s business?
A: This is for swiped transactions only! (E-commerce, Recurring Payments, Manual Entry are not EMV.) If you’re concerned about fraudulent credit card transactions, you may want to get an EMV reader. Using an EMV device to read the microchip will authenticate that the credit card is valid, which reduces your liability for fraudulent transactions.
Q: What are some of the reasons for deciding if you need an EMV-compatible reader?
A: First and foremost, accepting a fraudulent payment would leave you in the red, which means you wouldn’t be able to accept the payment. Also, if you are ever selling to customers you don’t know, or selling any expensive items, having an EMV-compatible reader is crucial.