NCR Counterpoint Blog

EMV Myths Debunked: Myths 4 - 7

Posted by Kendall Reed on Jun 11, 2015 10:00:00 AM


On October 1, 2015, a liability shift is occurring as it relates to who is responsible for paying for chargebacks for counterfeit cards that are used at a retail store. Between the bank that issued the credit card, the retail store and the payment processor, whoever is least prepared to accept EMV-enabled payment cards will now be responsible to pay for the chargebacks. 

In this blog post series, we'll help make you aware of common EMV myths and help you stay in control of when and how you want to implement EMV in your store.


Myth #4: EMV protects your retail store from a data security breach. 

Remember – implementing EMV alone will not protect your retail store from being hacked. While EMV helps protect you from counterfeit card use, it’s not the end-all, be-all of store data security.

emv protects your retail store from a data security breach
There are measures that you can put into place that are not provided by EMV – such as point to point encryption for credit card data as it passes through your network – that will safeguard your store from a data breach as well as give you greater peace-of-mind.

Myth #5: EMV will rapidly achieve mass adoption by both credit card issuers and other retail stores. 

Estimates are that only 20 to 30 percent of cardholders in the United States will have new EMV-ready cards by October 1, 2015.

Meanwhile, industry experts are saying that it will take at least 3-5 years in order for EMV to reach full acceptance in the U.S., and in Europe the adoption took much longer. So know that it’s going to take a while for everyone to finally make the transition to EMV.

Myth #6: If you don't implement EMV, you won't be able to accept credit cards after October 1, 2015.  

Even if you don’t implement EMV-enabled payment devices by October 1, your business will still run the same as it did on September 30, aside from the liability shift. Both older magnetic stripe cards and newer EMV cards can be accepted by non-EMV merchants, as the new chip cards will also have magnetic stripes available for that very reason.


Myth #7: Transitioning to EMV is as simple as plugging in a new payment terminal. 

right kind of payment terminal devices

Making your store EMV - ready can involve lots of discussions, questions and planning about many different things: your POS system, your payment processor and the right kind of payment terminal devices. It's also crucial that you understand the impact that EMV technology will have on your operations; be prepared to train your staff appropriately and assist customers with using their EMV credit cards. 

As with most things that concern payment security, EMV sparks many questions and can be confusing at times. Ensuring you know the difference between fact and myth can help you navigate through this new milestone in payment processing. 

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Topics: Security, EMV