4 Nonprofit Payment Processing Trends for 2015

2. EMV is coming. In October 2015, the liability shift of Europay, MasterCard and Visa (EMV) will take place in the U.S. Any company that processes card payments is required to offer a chip-and-PIN payment system — or risks being liable for counterfeit fraud. Europe rolled out EMV in 2004, switching liability to merchants in January 2005. Ten years later the U.S. is using the same approach to convince merchants to leave magnetic swipe behind. Compliance remains a strict requirement for merchants switching to EMV, and PCI DSS will continue to be an important consideration after making the move to the new payment method.