For more details about everything you need to know about EMV, contact Postec’s experts.
Grocery: Dan Henkel, email@example.com
Hospitality: David Marovic, firstname.lastname@example.org
Visa put out a press release on June 16th giving some good news to merchants who are not yet EMV chip-ready. Relief for excessive chargebacks, streamlining the EMV certification process and financial and technical support to accelerate EMV chip terminal deployment.
Shortly afterwards, MasterCard & American Express announced similar changes of their own.
The National Grocers Association provided a great summary of these points below:
1) Merchant Chargeback Relief
In recognition that some card issuers are issuing excessive chargebacks to merchants, effective July 22, 2016 Visa will block all chargebacks to merchants under $25. Additionally, effective October 2016 – April 2018 issuers will be limited to charging back 10 fraudulent transactions per account.
2) Acquirers Can Self-Certify Merchants
This will allow a merchant’s acquirer to self-certify a merchant if they know the merchant’s systems are in compliance. This will effectively eliminate a step in the certification process that added wait times for merchants.
3) Additional Funding Resources to Speed Up Certifications
Visa will provide additional funding to help acquirers add resources where necessary and funding to software companies to be able to pre-certify their technology for EMV terminals.
National Grocers Association Contact info:
Greg Ferrara, SVP Government Relations & Public Affairs, email@example.com
Peter Larkin, President and CEO, firstname.lastname@example.org