What is EMV?
EMV is the term for the new worldwide way of transacting, processing, securing, and handling credit card data. As of October 2015, merchants (including restaurants) are encouraged to move to accepting credit cards using EMV.
Am I legally required to accept credit cards using EMV?
No, there is currently no law stating that you need to process via EMV. However, you may receive severe chargebacks from customers and their banks if you are not accepting their credit card via EMV methods.
What are chargebacks?
As of October 2015, you (the merchant) are liable for any fraudulent transactions ran at your restaurant if that transaction is not processed using EMV.
Example: An individual eats at your restaurant and uses a stolen credit card with a chip to pay for their $40 check, but you did not run their credit card using a chip reader (EMV). The true owner of that credit card will see that charge on their bank statement and report it to their bank as fraud. In the past, the bank would be responsible for that charge. However, as of October 2015, the merchant must shoulder the cost and that $40 chargeback will be taken out of the restaurant’s bank account.
Do I need to order my EMV Payment Terminal from Focus CA?
Yes. Since the Focus system relies on our Focus Pay software suite, you must order Focus-compatible EMV Payment Terminals. The terminals are preloaded with the correct configuration packages to work seamlessly with your current Focus POS system.