October 1st, 2015 is the next critical milestone in the roll-out of EMV in the USA. This is the date when Visa and MasterCard will start to enforce the EMV liability shift for a major portion of the US card markets.
While issuers and merchants can technically move at their own pace, retailers who do not support EMV transactions after the liability shift on October 1 will be liable for fraudulent transactions associated with in-store fraud. Bottom line? If you don’t support EMV, you’ll become a target for increased fraud overnight.
EMV is more than just Point of Sale (POS) hardware and chip technology; there are many complicated processes required in to ensure EMV transactions process as intended:
- Upgrades to your payment switching application(s)
- Device firmware upgrades or replacements
- Testing and certification to payment processors and gateways
No wonder today’s EMV migration roadmap poses so many challenges for merchants and retailersPrognosis for Payments brings the insight and analytics you need to handle the twists and turns of EMV migration, as well as ongoing proactive payments management:
Planning - Verify and validate your EMV deployment plan;
- Gain visibility into the current-state to your payments processing environment
- Track and access EMV changes as you go through the certification process with your various partners
Deploying - Take control of your EMV roll-out;
- Identify changes in response times for EMV
- Compare store to store performance
Looking beyond– Get ready for next generation alternative payments;
- Get real-time transaction level visibility to monitor all of your electronic payments
- Prepare for the expansion of Apple Pay, tokenization and other new payment methods
Choosing a performance management solution that not only works for you now, but also scales and adapts as the global payment environment continues to change. Get the insight, visibility and control you need to optimize your payments environment and prevent fraud with Prognosis.
Calculate the Cost of EMV Non-compliance Webinar- Watch our webinar now to understand how Prognosis can give you the real-time transaction level visibility to monitor and manage a successful EMV roll-out