The nationwide shift to EMV-enabled cards - also known as chip or smart cards - began in 2015 with the liability shift, making the party with the least secure technology responsible for chargebacks and fraudulent transactions. Since then, EMV transactions have become a way of life, and consumers have grown more comfortable with the seamless checkout process and security they receive.
Major card brands have continued to push EMV transactions over swipe. Together we must continue to remain vigilant against the threat of fraud and ensure our shared customers continue to operate in a secure transaction environment.
As a trusted Heartland partner, we wanted to make you aware of two new programs that will be implemented starting with transactions processed on April 1, 2021 to encourage broader adoption of EMV technology in the marketplace...
Visa has announced that they will be issuing a non-EMV Fallback fee beginning in April. If an EMV card is
swiped instead of using the EMV chip a fallback fee will be assessed per
transaction. These fees will be displayed on the merchant
statement in the Visa portion of the Fee Summary section. It is important to note that Visa is the only one that can control this fee and there is no way to bypass it.
We have been urging our clients to upgrade their credit card systems, if necessary. Now may be your last opportunity to do so before being assessed with extra fees.
Give us a call or reach out to your account representative today.
IES, Inc.
781-816-9437
www.iesAdvisors.com
