EMV Deadlines

Review the following dates to understand the U.S. EMV migration deadlines:

  • Beginning October 1, 2012 (Visa) and October 1, 2013 (MasterCard and American Express), opportunity to reduce expense of annual PCI-DSS recertification
  • October 1, 2015: Liability shift for any in-store POS fraudulent transactions on non-EMV compatible terminals
  • October 2020: Forecourt liability shifts for fraudulent transactions on non-EMV compatible terminals

The EMV liability shift dates provide an end date for merchants to transition their POS systems to accept EMV chip cards. The goal of these dates is to integrate a new standard of security to protect customers from fraud when purchasing items and services at any establishment.

When it comes to c-stores, the EMV compliance date can mean much more than not being liable for chargeback costs. As being EMV compliant becomes part of the industry standard, customers will expect this level of security like restaurant grades and food quality guidelines. However, since becoming EMV certified is a long process, it is essential for any business to start their migration toward EMV compliance before the EMV liability shift dates come closer.

When the EMV compliance deadline arrives, merchants that have not updated their equipment to accept EMV chip cards will have to handle the costs of chargebacks. This means, unprotected transactions will be the financial burden of the individual c-store owner versus the credit card companies like Visa and MasterCard. And since these chargeback bills have a history of being costly, ensuring your business is compliant by the US EMV migration deadline is a pivotal to avoiding more expensive bills.

While most large petroleum retailers are shifting their business via the U.S. EMV migration deadlines, there continues to be questions in the industry press enquiring whether the timeline will hold. To avoid confusion, the card associations have made clear and public statements that will be no intention of moving the EMV compliance deadline.

Three of these quotes are highlighted below:

“We will keep our liability shift dates – to help maintain this momentum and address the larger fraud threat. As we’ve seen recently, the fraudsters will not delay their activities. Any delay in the liability shift dates would potentially increase the U.S.’ disproportionate share of the world’s fraud losses.”
- Chris McWilton, President, North America, MasterCard
Jan 8, 2014 letter to financial institutions, merchants, and consumers

“In 2011, we had announced a plan to migrate the U.S. to EMV technology through a liability shift beginning in October 2015 and we have reaffirmed these dates. EMV, to be clear, would potentially eliminate the ability to reproduce the card and thereby reduce if not eliminate counterfeit fraud at the point of sale.”
- Charlie Scharff, CEO, Visa
Jan 30, 2014 Q1 Earnings Release

"It's important that we get the chip out there as quickly as possible.” Further reiterating the 2017 deadlines stating that the announcement provided “adequate time to plan for terminal replacements.”
- Ellen Richey, Chief Enterprise Risk Officer and Chief Legal Officer, Visa
May 28, 2014 interview with CSP (Visa Holds EMV Stance)

Not planning how your business will migrate toward being EMV compliant can end up being expensive. Though it is a business asset to have EMV compliant equipment, it is important to study on the subject and understand what your true needs are. Secondly, once you have identified your key true needs, finding a business that will cater to those needs is essential to having a smooth migration. Lastly, making these updates before the EMV compliance deadline is important to save your business a great deal of money from such a common crime - theft. To plan out your EMV migration, Gilbarco Veeder-Root offers plenty of information and tools.