What Is EMV Compliance Law?
EMV compliance law stipulates that all businesses need to upgrade their point-of-sale (POS) systems to accommodate EMV chip cards and EMV compliance. Otherwise, you won’t be able to avoid liability under new credit card chip reader law. Even though major credit card companies requested most merchants do so by October 1, 2015, a relatively staggering number have not yet adopted procedures meeting credit card EMV compliance. According to CreditCard.com statistics, only 50% to 52% of businesses currently support EMV chip card payments.