EMV Delays May Be For Many Years

Everyone (except hackers) is excited about the new EMV chip and PIN cards coming to the USA. While implementation is supposed to take effect in October 2015, rumblings are around that it may be delayed until 2020. This is big news for customers, merchants, and processors, but it may be especially troubling for those in need of a high risk credit card processing account.

Forrester Research said in a recent report it expects “more secure, encrypted, and tokenized transactions on digital wallets, mobile-device-based near-field communications (NFC) virtual cards, and EMV contactless payments will prove strong competitors to plastic EMV chip-and-signature and chip-and-PIN payments in the U.S.”

There is little that merchants can do to combat this new shift in deadline, but there is something existing that they can monitor. That “existing” thing is their current high risk credit card processing account. As we know, not all are created equal, and some are better for certain industries. High risk credit card processing accounts can be hard to find, and there are few that have the “know all” to provide superior service and protection. One of these is EMB, or eMerchantBroker.com. With an experienced processor like EMB, all high risk merchants can be assured that everything is being done to protect their customers information, as well as their own.

One of the biggest pluses of the upcoming EMV cards is that they are virtually fraud-proof. Or, at least up until now they are, as hackers evolve as quickly as evening news stories. The technology is promising to those in the high risk industry, as well as those with more traditional businesses and issues. The hope for high risk merchants was that this implementation would help slow down fraudulent issues, and therefore lower their processing fees. High risk processing fees are high, and this new card was looking to be a good thing for the industry. Sadly, it looks as though we all have to wait at least a few more years to fully see what the WV card can do for US businesses.

EMV

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