Are you ready for a cashless world? New technologies are already changing the way parkers want to pay. If your operation accepts credit cards, the most important question you can ask yourself is: “Am I EMV ready?”
EMV: The Global Standard
EMV (Europay, Mastercard & Visa) is a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable POS terminals and automated teller machines (ATMs) for authenticating credit and debit card transactions. Have you seen those gold chips on one of your wealthy (or Canadian) friend’s credit cards? That’s what we’re talking about.
The EMV chip includes a micro-processor that can store information in a secure fashion and perform cryptographic processing during a payment transaction. The chip carries security credentials that are encoded by the card issuer. These credentials or “keys” are impervious to access by unauthorized parties.
2015 Liability Shift
MasterCard, Visa, American Express and Discover now require acquirers and service providers to have the capability to process an EMV transactions to prepare for the upcoming liability shift. As of October 2015, an issuer or merchant who does not support EMV will assume the liability for counterfeit card transactions, making the adoption of the technology critical to protect your business.
U.S. Lagging in Worldwide Shift
The U.S. is the only country in the world that has not yet committed to either a domestic or cross-border liability shift associated with chip payments.
Now is the time to contact your acquirer, bank, and equipment/system provider to discuss the ramifications of this change and set a long-term goal for your operation.
About T2 Systems
Started in 1994, T2 Systems is a technology-focused parking system provider with deep roots in the evolving parking industry. This commitment is evident in T2’s quality products and services, thought leadership and strong customer relationships. With its proven, unified solutions, T2 Systems is trusted by close to 400 organizations in the US and Canada including universities, cities, towns, hospitals and parking operators. T2 Systems is headquartered in Indianapolis, Indiana and has virtual offices throughout the United States and Canada. For additional information about T2 Systems, Inc. products and services, visit www.T2systems.com.