The What, Why and When of iQmetrix EMV

What is EMV?

In October 2015, the U.S. market will move to EMV technology. But what is EMV exactly?

EMV stands for Europay, MasterCard and Visa, a global standard for accepting chip cards” at the point of sale for authenticating credit and debit transactions. EMV technology increases security and the global compatibility of credit and debit card transactions. With EMV, credit card information is transmitted to a credit card machine via a small microchip present on the card rather than the magnetic strip on the back conventional cards.

EMV stands for Europay, MasterCard and Visa: a global technology standard for accepting chip cards’ at the point of sale for credit/​debit transactions.

Why EMV?

EMV decreases the likelihood of credit and debit card fraud on card-present transactions. It will also improve the customer experience by providing a consistent standard worldwide. The U.S. market will be the last major market in the world to adopt the EMV standard. Cardholders will be able to travel freely and make purchases using the same technology.


On October 1, 2015 a liability shift will take place, shifting the responsibility for any payment-transaction fraud from the payment processor to the party using the least secure technology. In many cases, the merchant is the last link in the chain; retailers must be EMV compliant (i.e. they must accept chip-card payment) to not be deemed liable. The cost of these fraud losses will ultimately be passed from the processor to the business where the fraud originated, leaving businesses on the hook.

October 1, 2015 is the date of liability shift’: Fraud liability for payment-transaction fraud shifts from the payment processor to the party using the least secure technology (likely the merchant).

If you haven’t started preparing already, the best time is now. EMV-capable credit card processing machines are available today. However, the shift in hardware will require an investment from the merchant, hence the delay in EMV adoption by many. When selecting an EMV-capable device, be sure to consider the following:

  1. Purchase a device that is both contact and contactless capable.
  2. Ensure your device is compatible with your POS software.
  3. Contact your current processor for a discount on equipment.

iQmetrix Strategy

iQmetrix’s EMV preparations are already underway. From a technology side, there is a small amount of development that will need to be done for each of our partner U.S. processors (Chase Paymentech, Elavon, Heartland, and Bank of America Merchant Services). This work will be completed in Q1 2015. However, iQmetrix will then be put into the queue with each processor to await recertification and EMV compliancy approval. It is this stage over which iQmetrix has little to no control over. As you can imagine, with the entire U.S. shifting to EMV, the queues will be operating at an all-time high, not to mention any back-and-forth efforts between the processor and iQmetrix that may occur. Once the work we have submitted to the processors is approved, and we have received our re-certification, the iQmetrix integrated credit card processing solution will be EMV compliant and we can enable the service the same day. 

In terms of EMV-capable devices, iQmetrix has worked with our processors and our customer base to identify the Verifone MX915 as the device that we will be supporting for EMV transactions. The Verifone MX915 is the most popular device among our iQmetrix partners and supports EMV and signature capture. Visit the Verifone website for more information on the MX915.

Merchant Responsibilities

Processor Selection

The EMV Certified process will only be available using our payment processing integration solution with our specific processors: Chase Paymentech, Elavon, Heartland, and Bank of America Merchant Services. Even if you are using one of these merchants today, it is important that you are using them in the right channel and under the iQmetrix relationship. If you have any questions about your merchant relationship and ensuring your compatibility, please reach out to your Account Manager and he/​she can work within our processor relationship to ensure your account is set up correctly.

Also, due to this industry-wide change, many processors are offering promotions and competitive rates. If you have been considering making a change to your merchant services, now might be a good time to shop around. Many processors are offering promotions if you switch over.

iQmetrix can only guarantee EMV-compatibility via our four payment processing partners below.

Please feel free to visit our payment processing partner pages listed below and request a quote. Note the importance of going through the contact form below and not just calling the processor, as the relationships below have been set to ensure your account is set up accurately and that all appropriate discounts have been applied. We cannot guarantee EMV-compatibility outside the specific channels and contacts listed below.

Chase Paymentech


BAMS (Bank of America Merchant Services)


Purchase EMV Devices

If you are interested in purchasing the VeriFone MX915, we encourage you to contact your carrier, current processor or existing hardware provider. In the event that they don’t have a solution for you, feel free to reach out to your iQmetrix Account Manager and he/​she can provide you a contact to purchase these devices.

Staff Training

Once you have the EMV service enabled for your RQ software there will be very little difference for the user (your sales staff). However, the customer experience will change, and arming your sales staff with the knowledge of the new hardware and how it works is something to review with your customer facing staff. Depending on the processor and the card issuer, the prompts and procedures may be slightly different (some may require PIN or signature). In any case, the device should guide the customer through the necessary steps.

iQmetrix is looking forward to bringing the security and global experience of EMV to you in 2015. Stay tuned for more information on EMV in the coming months and as always, if you have questions please feel free to reach out to your iQmetrix Account Manager directly.

For more details related to iQmetrix EMV, please consult the iQmetrix EMV Implementation Guide, prepared by our Payment Processing Team. Stay tuned for additional information, as the guide will be updated in the coming months as well.