If you are a QuickBooks Payments customer and you pre-ordered Intuit's mobile EMV reader, you may have received an email to let you know there has been a delay.
With this delay, Intuit has announced they will assume liability coverage until further notice. Intuit states in its email it will continue to cover you, as a QuickBooks Payments customer, until 60 days after the mobile EMV card reader is shipped to you. During that time, Intuit will assume the liability for counterfeit or stolen card-present fraud that occurs when you unknowingly process a counterfeit or stolen EMV chip card using your magnetic stripe reader.
NOTE: As of October 1, 2015, a "liability shift" in credit card processing took place for merchants. Before October 1, 2015, if a payment transaction was processed using a fraudulent card, the payment processor or issuing bank assumed responsibility for consumer losses from that transaction. Beginning October 1, 2015, the burden of card payment fraud "shifted" to whichever party is the least EMV-compliant in a fraudulent transaction, including the merchant. Intuit originally extended the EMV liability shift by six months to March 2016, for all of its QuickBooks Payments customers to allow more time for merchants to make the transition. This latest announcement is a further extension.
For more information on the shift to EMV, check out our previous blog post EMV Compliant? The Way Consumers Pay is Changing.
Contact our office for help ensuring your business is EMV compliant.