A few months ago, we shared with you that the United States is transitioning to full adoption of EMV chip-enabled cards to reduce credit card fraud. This change with EMV is coming October 1, 2015, and we wanted to provide you with an important update about what this means for you.
Today, if businesses swipe a counterfeit or stolen card, the bank assumes the loss. Starting in October, if businesses swipe a counterfeit or stolen EMV/chip card using a magnetic stripe reader, they could be liable for that charge.
Since we recognize that industry transitions take time, Intuit is extending the EMV liability shift by six months for QuickBooks Point of Sale Payments customers to allow everyone more time to transition. You can learn more about EMV liability coverage here. We will have opportunities throughout the six-month period for you to take the steps necessary to be EMV-compliant, so that you can take action when it is most convenient.
What to do next?
In the next few weeks we will be sharing more information about any steps you’ll need to take related to your software and hardware for QuickBooks Payments EMV-readiness. If you are using our GoPayment app to process payments using your mobile device, you can pre-order your EMV mobile reader here.
Thanks for your patience as we work toward providing the best EMV experience for you and your customers.