The following isn't legal advice -- any processor or bank may have their own rules. This is what we understand from talking to industry partners at great length. Please consult your merchant provider with this knowledge in hand.
Banks, processors, and Point vendors are using this as a way to talk customers into changing providers - and not sharing the meaningful detail of what is really happening and the real world impact to you as a merchant.
EMV Legislation - USA
Legislation was passed that is making the United States begin implementing EMV (Chip and Pin) credit card processing. The goal is to cut down on fraud.
What is Changing
If you (service provider/retail store/etc) process a transaction using a "stolen" credit card right now, you are not liable.
At some point in the future if you process a transaction with a "stolen" credit card and you use magnetic stripe instead of EMV you may be liable for the processed amount.
What is the impact to you? Well, it depends. In most repair shops your exposure to stolen cards is non-existent. So if you have never been targeted by someone with a stolen credit card, you could decide to not worry about EMV for now.
- Merchants are NOT going to be required to use EMV* (Canada has been EMV for 10+ years and still using magnetic stripes too)
- You will NOT get better rates by using EMV
- You will NOT have higher fees of any type by using magnetic stripe
Our Software's EMV Status
We are now certified to use EMV terminals and will have more information published shortly. (April 5th 2016)
UPDATE: EMV terminals have now been rolled out and functionality is active in the system. See the below link.
Setup and configuration walk through found here: