How EMV affects merchants?
Effective October 1st, 2012, Visa® and MasterCard® established that all merchants located in Latin American and the Caribbean (LAC Region) must have a POS terminal capable of processing chip cards using the EMV standard or else the merchant will be exposed to the risk that neither VISA®(1) nor MasterCard®(2) will defend the merchant against chargeback.
It is important that merchants understand the correct method of processing chip cards. Before making any sale, the merchant must visually verify the cardholder's card. If it is a chip card, the merchant should follow the EMV-standard procedure that corresponds to the POS terminal used to make the sale.