Questions Raised at the May meeting of the Merchant Strategic Leadership Team

Will EMV level 2 be stable and for what projected time frame? What are the likely implications of moving to a new version (timing, costs, technology etc)?

The over-arching objective has always been to ensure the specifications are backwards compatible.

What do merchants need to know about testing and certification?

Merchants should contact their acquirers for testing and certification requirements.

How will floor limits be determined under EMV? Could there be conflicts between the cards and terminals?

The device will continue to have floor limits, and the card can contain off-line limits. In short, the lesser limit prevails. As an example, if the merchant floor limit is $0, and the card's off-line limit is $50, the transaction will attempt to go on-line. If the merchant has a $50 floor limit, but the card has and off-line limit of $0, the transaction will attempt to go on-line. If a merchant floor limit was $50, and the card's off-line limit was $30, any transactions up to $30 could be authorized off-line - anything above $30 would attempt an on-line authorization.

What are the steps required to do an EMV conversion, who are all the participants a merchant needs to work with and who is responsible for each part?

The acquirer is the best point of contact for a merchant embarking on an EMV conversion.