Visa is providing merchants with an online information and resource center to prepare for their transition to using chip-enabled credit and debit cards.
The toolkit includes a 10-step implementation guide, downloadable tools and resources and an employee training section detailing how to transact with EMV-chip cards at the point of sale.
“Chip technology will bring an important new layer of security for credit and debit cards by helping to make stolen account information useless to criminals,” said Stephanie Ericksen, Visa’s vice president of risk products, in a May 4 press release. “It is a priority to increase merchant awareness and understanding, given a liability shift in October 2015.”
Chip technology is touted for its ability to combat counterfeit fraud for card-present transactions. Each time a debit or credit card is used at an EMV terminal, it produces a unique code that is not created by conventional magnetic-stripe cards.
By October 1, any company not prepared for EMV-chip transactions will face a shift in fraud liability, according to rules set by Visa and the other major U.S. card networks.
A survey of eight financial institutions representing 50% of U.S. payment card volume shows that by the end of 2015, about 63% of credit and debit cards will contain EMV chips; by the end of 2017, 98% will use EMV chips, according to Payment Security Taskforce.
However, a study by Aite Group shows that more than a third of merchants are still largely unfamiliar with chip technology.
“Visa is committed to supporting businesses of all sizes in the transition to chip technology,” said Ramon Martin, Visa’s head of global merchant sales and solutions, in the release. “With this merchant toolkit, we want to provide easy-to-access educational and training resources to help get businesses chip-ready.”